Report: Bulls sign Sean Kilpatrick to three-year contract with $2.1 million guaranteed

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The Celtics reportedly planned to sign Sean Kilpatrick to a 10-day contract. Then, another team swooped in with a better offer.

That mystery team? The Bulls.

Shams Charania of Yahoo Sports:

The Chicago Bulls have signed guard Sean Kilpatrick to a three-year, $6.2 million deal, with team options for the next two seasons, league sources told Yahoo Sports.

As part of cap maneuvering to reach the salary floor, the Bulls signed Kilpatrick to part of their mid-level exception, including a guaranteed $2.1 million for the remainder of the season, league sources said.

Kilpatrick’s minimum salary the rest of this season would have been $146,402. So, $2.1 million is a nice bonus on that.

In exchange, he locked into two unguaranteed years. If he plays well, the Bulls will keep him at a bargain price. If he doesn’t, they can walk away at no additional cost.

It’s an easy gamble for Chicago, which was below the salary floor. The Bulls were going to have to pay that money anyway. If they didn’t reach the floor, it would have just been distributed to players on the team. Instead, it goes to Kilpatrick and bought those two unguaranteed seasons.

The 28-year-old Kilpatrick is a fringe NBA player. The shooting guard has played for the Timberwolves, Nuggets, Nets and Bucks while flashing scoring prowess.