Jimmy Butler Contract: Latest Buzz and Speculation on Negotiations with Bulls

Jimmy Butler and the Chicago Bulls' talks regarding a new contract have ended without a deal, and he's set to enter restricted free agency after the 2014-15 season.

Adrian Wojnarowski of Yahoo Sports reported the news, adding Butler rejected the final offer Chicago made on Friday before the midnight deadline. He'll remain on for the fourth year of his rookie-scale contract at $1.3 million per year.

As K.C. Johnson of the Chicago Tribune indicated, Butler was not in the lineup against the Cavaliers on Friday night:

Butler is banking on a big year to up his stock in the open market.

"It came down to me deciding that I want to bet on myself," Butler told Wojnarowski in a text message. "It was about me believing that I put the work in this summer to become a better player with the hope that my improvement will give the Bulls a better chance to win a championship."

It will be a lucrative bet for Butler to say the least, but he has to like his chances. He'll start at shooting guard in a new-look Bulls lineup that looks the part of the Eastern Conference favorite entering the season.

He's also quite popular with Tom Thibodeau and his coaching staff for his excellent two-way play, emerging as one of the league's best perimeter defenders and a great on-ball matchup for Chicago against rival LeBron James. 

Jeff Haynes/Associated Press

Shooting is unquestionably one thing the Bulls hope to see improve this season, with Butler regressing to an under 40-percent clip from the field last year after shooting 46.7 percent from the floor in the prior season.

Despite being a big piece to the puzzle for 2014-15, the Bulls couldn't reward Butler with a much-needed extension. That means when the offseason comes, Chicago may be forced to match a sizable offer from another team or let him go.

Either way, it appears Butler will be on his way to a big payday if he continues his ascension into 2014-15.