Bulls reportedly lock up Rose with five-year extension

The Chicago Bulls locked up their franchise year contract extension.

The Chicago Tribune reports that the pact is worth $94 million, and the extension will be formally announced at a Wednesday news conference.

The extension will pay Rose about $10 to $11 million more than he would have been eligible for under the previous collective bargaining agreement (CBA). The deal kicks in for the 2012-2013 season and can start at roughly $16 million in the first year.

Rose far exceeded his rookie contract, giving way to what is now dubbed the "Derrick Rose Rule" within the new CBA. The rule allows a player at the end of his rookie contract to make 30 percent of a team's salary (up from 25 percent) if he's been voted an All-Star starter or All-NBA twice or won an MVP award.

Rose led Chicago to the Eastern Conference finals last season, where Miami took out the upstart Bulls in five games. At 23, he became the youngest MVP in NBA history, averaging 25 points and 7.7 assists per game.