JULY 20: The Bulls have formally announced their deal with Canaan. “We are excited to add Isaiah to our group,” GM Gar Forman said in a statement. “We feel his ability to knock down perimeter shots will be an asset to our team.”
JULY 12: The Bulls have reached a contract agreement with free agent Isaiah Canaan, Michael Scotto of Sheridan Hoops relays (via Twitter). It will be a two-year pact worth $2.2MM, Scotto notes, though it is unclear how much, if any, guaranteed money will be included.
Canaan become an unrestricted free agent this offseason after the Sixers declined to tender him a qualifying offer worth $1,215,696. Canaan was just two starts and 34 minutes away from triggering the starter criteria this past season, but as a result of a torn left labrum he failed to log the necessary numbers. The qualifying offer needed to make him a restricted free agent this offseason would have jumped to $2,725,003, had he met the criteria.
The 25-year-old appeared in 77 games this past season, including 39 as a starter, averaging 11.0 points, 2.3 rebounds and 1.8 assists in 25.5 minutes per outing while shooting .360/.363/.833 from the field.