Chicago Bulls announce new contract for guard Jimmy Butler

The Chicago Bulls announced that they have signed Jimmy Butler. 
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The Chicago Bulls officially announced on Thursday that they have signed guard Jimmy Butler to a new contract.

The Associated Press reports the deal is a five-year maximum contract extension worth $90 million. ESPN's Marc Stein reports that it contains a $4.6 million signing bonus.

"Chicago is where I wanted to be," Butler said on Thursday, according to the team. "I love playing here. I love the city." 

Butler, 25, who became a restricted free agent this off-season, has played his entire four-year career with the Bulls. He started all 65 games he played in last season, averaging 38.7 minutes, 20.0 points and 5.8 rebounds per game, all career highs. He also shot 46.2% from the field and 37.8% from three-point range, also both career bests. 

He was selected to his first All-Star Game and chosen as the NBA’s Most Improved Player for 2014-15.

Butler was offered a four-year, $44 million contract extension by the Bulls before last season, but he rejected it, saying he was betting on himself to have an even better 2014-15 season than his solid 2013-14.

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Butler has the option to opt out of his new contract after four years.

By signing Butler, the Bulls return virtually their entire 2014-15 roster. Chicago lost to the Cleveland Cavaliers in the 2015 Eastern Conference semifinals.

- Erin Flynn