10:39pm: The Bulls have officially waived Payne, according to a press release from the team.
8:05pm: The Bulls are likely to waive Cameron Payne once their multi-player trade with the Grizzlies is official, tweets Adrian Wojnarowski of ESPN. Payne is a former first-round pick and holds four years of NBA experience.
Chicago agreed to send Justin Holiday to Memphis in exchange for Wayne Selden, MarShon Brooks, a 2019 second-round pick and a 2020 second-round pick on Thursday, Wojnarowski reported. The Bulls already have a full 15-man roster, so they don’t have the room necessary to acquire two players for one without releasing someone else.
The Bulls are expected to remain active in trade discussions as the February 7 deadline nears, with the team already shopping players such as Jabari Parker and Robin Lopez, Wojnarowski adds. Chicago holds a 10-28 record through their first 38 games this season.
Payne, 24, was traded from the Thunder to the Bulls at the trade deadline in February of 2017. He’s struggled to establish himself as a consistent contributor since entering the league, dealing with a series of foot injuries in recent years.
Payne spent one full season and two half-seasons with Chicago, though he appeared in just 67 total games for the Bulls during that time. He has averaged 5.7 points, 2.7 assists and 17.3 minutes in 31 games this season, shooting 41% from the floor and 27% from 3-point range.