The second year of the deal is a team option, which means Mirotic will have the ability to veto any trades this upcoming season. The total guarantee is $12.5 million, but Mirotic also has incentives that can make the total value $27 million, sources said.
The agreement ends a summer-long stalemate between the sides just a day before the start of training camp. The Bulls were incentivized to make a deal as they are currently below the minimum salary floor.
Mirotic, a power forward with range beyond the 3-point line, averaged 10.6 points and 5.5 rebounds with the Bulls last season.
The agreement was first reported by The Vertical.