Report: Chicago Bulls will not exercise option on C.J. Watson

The Chicago Bulls will not exercise their $3.7 million option on backup point guard C.J. Watson, reports the Chicago Tribune's K.C. Johnson.

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The move had been expected by many during the offseason. With Derrick Rose out for part of the season, the Bulls planned to look for external help at the point guard position.

The team drafted Kentucky's Marquis Teague in the first round of the NBA Draft and, earlier Sunday, agreed to terms with veteran combo guard Kirk Hinrich.

Hinrich's signing made it apparent Watson would not be back. Hinrich, who started his career with Chicago, can provide a veteran presence at the position while Rose is out recovering from ACL surgery. When Rose returns, Hinrich can serve as his backup and play with him at times.