Mike Dunleavy signs three-year deal to stay in Chicago

So much for that. Yesterday, reports emerged suggesting that the Cavaliers (and LeBron James) were interested in acquiring sharpshooting small forward Mike Dunleavy. Today, Dunleavy has reportedly signed a three-year deal to stay in Chicago.

Mike Dunleavy Jr., has agreed to a three-year, $14.4 million deal with the Chicago Bulls, league sources tell Yahoo Sports.

— Adrian Wojnarowski (@wojespn) July 1, 2015

Dunleavy can’t officially sign until July 9 — there is an moratorium on free agency signing until then — but the deal is in place. Dunleavy was reportedly eager to stay with the Bulls, and now he’s gotten his wish.

It’s perhaps disappointing for the Cavs to miss out on an experienced, quality shooter, but Dunleavy was never likely to make it to Cleveland. The Bulls had the means to offer him the best deal, as we said yesterday:

Since Dunleavy spent the last two seasons in Chicago, the Bulls have his early Bird rights.¹ This means that they can offer him 175 percent of his previous contract — he made about $3.3 million last year, so the Bulls could offer him up to about $5.8 million this summer. Chicago could also exceed the salary cap to keep Dunleavy in the fold.

The Cavs, meanwhile, are already up against the cap and could only offer Dunleavy the taxpayer mid-level exception, worth about $3.4 million per year. It’s no lock that the Bulls will present Dunleavy with a richer offer, but it’s a likely bet.

That bet has paid off. Stay tuned.

1. A full explanation can be found here. [↩]