The Chicago Bulls have waived veteran point guard Rajon Rondo.

 

The Bulls bought out Rondo for $3 million Friday rather than exercise a $13.4 million option for next season. He signed a two-year deal to come to Chicago last summer.

 

The 31-year-old Rondo was in and out of the rotation, chided Jimmy Butler and Dwyane Wade for criticizing the team's effort and finished the season on a strong note before missing the final four playoff games against Boston because of a broken right thumb.

 

The four-time All-Star averaged 7.8 points and 6.7 assists. The Bulls had said Rondo would probably be back, but he became expendable when they acquired Kris Dunn from Minnesota in the Butler trade on draft night.

 

Chicago also waived guard Isaiah Canaan.

 

>>Bulls, Justin Holiday Agree To Terms

 

A person familiar with the situation says the Chicago Bulls have agreed to a $9 million, two-year contract with guard Justin Holiday.

 

Yahoo! Sports first reported the agreement.

 

Holiday averaged 6.5 points in 27 games for the Bulls two years ago. He played in all 82 games for the New York Knicks last season, averaging 7.7 points, Holiday has averaged 5.7 points over four seasons with Philadelphia, Golden State, Atlanta, Chicago and New York.

 

The Bulls made the playoffs on a tiebreaker and lost to Boston in the first round.

 

>>Ex-Bulls F Gibson Signs With Minnesota

 

A person with knowledge of the negotiations says Taj Gibson is reuniting with coach Tom Thibodeau, agreeing on a two-year, $28 million deal to join the Minnesota Timberwolves.

 

Gibson has spent the bulk of his career in Chicago, including five seasons under Thibodeau. The Bulls traded him to Oklahoma City late last season.

 

For his career, Gibson has averaged 9.4 points and 6.3 rebounds. In Minnesota, he'll be a new addition along with another former Bulls teammate - Jimmy Butler, who was traded to the Timberwolves last month.