Bulls waive Bynum to avoid luxury tax, as expected
The move gets the Bulls under the luxury tax, saving them plenty of money on what looks like a lost season with superstar point guard Derrick Rose (knee) on the shelf once again. The Bulls do have a solid record by Eastern Conference standards and are currently in a playoff spot, but they do not have a realistic chance of winning a title, so they are saving their cash and getting ready to bolster their team for the future (they got a few draft picks in the Bynum trade).
Bynum now hits the open market with a track record of strong production and impressive talent, but also several red flags such as health, commitment, effort level, and a horridly low field goal percentage this season.
Contending teams will surely be willing to gamble on a player like Bynum. If Bynum is unproductive or lazy, they can simply sit him on the bench or kick him to the curb. If Bynum regains (or comes close to regaining) his 2011-12 form, the team that signs him will have a steal on their hands. Contenders that are rumored to have interest in Bynum include the Miami Heat, who have a shortage of viable big men, and the Los Angeles Clippers, who need a backup center who is halfway decent at making free throws (to avoid the hack-a-DeAndre Jordan).
Bynum will have to clear waivers before a team signs him. No one is going to take on the $6.3 million remaining on his contract.