NBA free agency: Rip Hamilton will be waived by Bulls

USA TODAY Sports

The Chicago Bulls will buy out veteran guard Richard Hamilton to take his $5 million contract off the books.

Richard Hamilton will be waived by the Chicago Bulls, making the 35-year-old guard a free agent, according to CBS Sports' Ken Berger. By making the move before July 10, the Bulls sweep his $5 million salary for next season off the books and pay Hamilton a $1 million buyout.

Waiving Hamilton means Chicago gets nothing in return, but his salary likely wouldn't be appealing to another team in a trade.

In 2012-13, Hamilton averaged 9.8 points per game as a reserve. He played in 50 games last season and for the first time since his rookie season didn't end the year with a double-figure scoring average.

Though he played only four games in the postseason, Hamilton performed well in the Bulls' final two games, scoring a combined 26 points on 10-of-23 shooting from the floor against the Miami Heat.

Chicago is in tight financial situation, and it might allow firecracker point guard Nate Robinson and Italian gunner Marco Belinelli to walk. The Bulls have, however, come to an agreement with Milwaukee Bucks free agent Mike Dunleavy Jr. as they aim high in remaking a bench unit that was weakened last season simply because injuries plagued them from a depth standpoint.

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