Derrick Rose, Bulls Agree To 5-Year, $94 Million Extension, According To Report

Read More: Derrick Rose (G - CHI), Chicago Bulls

Derrick Rose has agreed to a five-year extension worth roughly $94 million to remain with the Chicago Bulls, sources told K.C. Johnson of the Chicago Tribune. The deal is expected to become official either late Tuesday or sometime Wednesday.

This extension, which has been discussed for some time, begins with the 2012-13 season, and will keep him in a Bulls uniform through the 2016-17 season. While the recent CBA negotiations resulted in players giving up a share of the league's revenues, Rose is one player who will actually earn more as a result of the new CBA. Johnson explains:

The extension is for roughly $10-11 million more than Rose would've been eligible for under the previous collective bargaining agreement. However, a new rule, which has been nicknamed the "Derrick Rose rule" rewards players who outperform their rookie scale contract. Rose qualifies for one of the three stipulations by virtue of becoming the youngest most valuable player in NBA history last season.

Rose was just 19 years old when he was drafted, and he turned 23 this past October. He'll be just 28 years old by the time he reaches free agency for the first time in his career, putting him in line for at least one more mega-contract. 

Rose earned Rookie of the Year honors in 2008-09, was named an All-Star reserve in 2010 and was voted an All-Star starter in 2011. He's improved every year he's been in the league, reaching new heights last year after developing a consistent three-point shot -- the one component of his game that was lacking. He averaged 25.0 points and 7.4 assists last season while leading the Bulls to a league-best 62-20 regular-season record. Chicago advanced to the Eastern Conference finals before falling 4-1 to the Miami Heat.