Bulls and Suns Complete Sign-and-Trade

Aaron Young@ayguitarContributor IIIJuly 9, 2010

CHICAGO - MARCH 30: Hakim Warrick #21 of the Chicago Bulls looks to shoot against Louis Amundson #17 of the Phoenix Suns at the United Center on March 30, 2010 in Chicago, Illinois. The Suns defeated the Bulls 111-105. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Jonathan Daniel/Getty Images)
Jonathan Daniel/Getty Images

After the Phoenix Suns announced their intentions to acquire free agent forward Hakim Warrick last Friday, they announced the completion of the deal today. It has been confirmed that the Chicago Bulls have agreed to send Warrick, newly signed to a four-year, $18 million contract, to Phoenix in exchange for a second-round pick in the 2011 NBA draft.

Both teams involved in the Warrick deal have been deeply involved in this summer's free agency frenzy. In hopes of improving their teams to contend with the Western and Eastern Conference favorites, the Phoenix Suns and Chicago Bulls have both had successes and disappointments.

The Suns re-signed shooting specialist Channing Frye to a new five-year, $30 million deal yesterday but lost star center Amar'e Stoudamire to the New York Knicks, who acquired the career-Sun through a sign-and-trade that gave Phoenix the trade exception they needed to add Warrick. Stoudamire's new contract is reported to be worth around $100 million over the span of five years.

The Bulls cleared additional cap space on Draft day by shipping their first round pick and guard Kirk Hinrich, beloved in Chicago, to the Washington Wizards for the rights to Vladimir Veremeenko. This move was made in anticipation of increasing their chances of bringing free agency's number one target Lebron James to the Windy City. As seen on the "Decision" special watched by millions on ESPN last night, Bulls owner Jerry Reinsdorf, GM Gar Forman, and company struck out on convincing the "King" to attempt to succeed Michael Jordan's legacy in Chicago. However, they didn't come up empty-handed this summer. The Chicago Bulls confirmed Thursday their signing of forward Carlos Boozer, a 20 point-10 rebound potential All-Star. They had been eyeing the 28-year old Boozer for a number of years.

The Suns are not expected to make any additional moves this summer except a possible re-signing of bench player Louis Amundson, whose services may not be required with the acquisition of Warrick. The Bulls, however, are left with over $15 million left in cap space and a lack of a two-guard. Chicago could expected to make more moves before 2010-2011 season begins such as completing their lineup by signing a shooting guard, strengthening their bench, and bring shot-blocking center Omer Asik over from Turkey after drafting him in 2008.