John Paxson Puts Foot Down On Dwyane Wade Buyout Situation

Today was the deadline for Dwyane Wade to either pick up the second year option of his Bulls contract or opt out to become a free agent. He already informed the team last week that he chose the former, telling TNT's David Aldridge he had "24 million reasons" to do so. Chicago owes Wade $23.8 million next season, a grotesque amount of money that falls squarely on the shoulders of Gar Forman and John Paxson. Today also marked the official introduction of the new Bulls players, who arrived after a blockbuster trade on draft night sent Jimmy Butler to the Minnesota Timberwolves. GarPax had plenty of excitement to share about their "new direction" and spoke very highly of all three new players: rookie Lauri Markkanen from Arizona and trade acquisitions Zach LaVine and Kris Dunn. But the media had more on their minds than the status of LaVine's knee or Dunn's shooting drills regiment this summer. Everyone wants to know: now that the rebuild is a go, will the front office negotiate some kind of buyout for Wade's albatross contract and let him play for a contender somewhere else? Here's what Paxson had to say on the matter:

"I know Gar has spoken to Leon Rose, Dwyane's agent. As far as a buyout, that has not been broached. I will say this: in this type of scenario it would have to benefit us. It would absolutely have to benefit us. Dwyane was a great pro last year and he's been around a lot of different situations. He was in Miami when they had a couple rebuilding years as well. Right now we're operating under the assumption that he'll be here. But like I said, if that [buyout] subject is ever broached by them then it would have to be advantageous for us." - John Paxson

So what does that mean? Essentially, Paxson is saying that if Wade wants out of Chicago now that they're rebuilding, he'll have to give back a significant piece of that $24 million he's owed. But as of this moment, the front office has not been told anything by Wade or his representation that he wants a buyout of any kind. The Bulls could try to swing some kind of midseason trade for Wade next year, but it would be nearly impossible to find any takers to pay even half of his enormous salary. If Wade wants to ring chase after watching the Bulls stink up the floor through the first half of next season, it's logical to assume GarPax would be willing to negotiate a buyout. But Paxson stressed - saying three times - that such a buyout would have to benefit the franchise and their financial situation.