The Nets lost in seven games to the Chicago Bulls in their Eastern Conference first-round playoff series. The team let go of interim coach P.J. Carlesimo after guiding the team to a 35-19 record after Avery Johnson was fired in December.
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Mikhail Prokhorov, the Nets' billionaire owner, was believed to be prepared to make Jackson the highest-paid coach in team history. The Nets had waited for a response from Jackson before embarking on their coaching search, and now will soon start reaching out to candidates.