Bulls, Rose agree on 5-year extension

CHICAGO (AP) - The Chicago Tribune is reporting that reigning MVP Derrick Rose has agreed to a five-year contract extension with the Chicago Bulls worth approximately $94 million.

The Tribune cited anonymous sources in its report, which also said the new deal will start in the 2012-13 season, when Rose is eligible to make about $16 million.

Bulls spokesman Tim Hallam said he was unaware of the agreement. Rose's agent B.J. Armstrong did not immediately return a message seeking comment.

The extension is hardly a surprise given all Rose has accomplished. The Chicago product went from Rookie of the Year to All-Star to MVP in his first three seasons, becoming the youngest player to win that award .About the only thing he doesn't have is a championship ring, and that's something he hopes to change in his fourth season.

The Bulls came close last season, winning a league-high 62 games and advancing all the way to the Eastern Conference finals before losing to the Miami Heat.

Now, they're looking for more.

Rose has repeatedly pointed the finger at himself for the Bulls coming up short against the Heat in the playoffs. He worked on his inside game in the offseason after expanding his shooting range in previous years, but it's hard to imagine him accomplishing much more than he did last season.

Rose delivered one of the best seasons by a point guard. He also joined Michael Jordan as the only Bulls players to win the MVP award.

The South Side product established himself as one of the league's best players, averaging 25 points and 7.7 assists while leading Chicago to its best season since the championship era with Jordan and Scottie Pippen.

For Rose, the contract extension is just another milestone in a rapid rise from the city's rough Englewood neighborhood to a starring role with his hometown team.

He helped Simeon Career Academy become the first Chicago Public League team to win back-to-back state championships, then led Memphis to the NCAA championship game before the Bulls drafted him with the No. 1 pick in 2008 after defying long odds to win the lottery.