Early on Monday morning, ESPN’s Adrian Wojnarowski reported that the Houston Rockets have traded guard Michael Carter-Williams and cash considerations to the Chicago Bulls in exchange for a conditional second-round pick.

Just a few moments later, news came down the wire stating that the Bulls would be waiving MarShon Brooks along with their new acquisition.

Why would Chicago do such a thing? Because Carter-Williams’ contract would have become guaranteed for the remainder of this season if a decision was not made by 5:00 p.m. ET today. The former No. 11 overall pick is on a one-year, $1.8-million contract, but is only owed $1.2 million since he was waived before Monday’s deadline.

According to ESPN’s Bobby Marks, Chicago will take the $1.2M cap hit on the Michael Carter-Williams waiver but are only responsible for $366K of what is owed on his salary.

Carter-Williams, now 27 years of age, made 16 appearances with the Rockets this season (one start), racking up averages of 4.3 points on 41.0 percent shooting from the field (36.8 percent from beyond the arc) and 1.3 assists in 9.1 minutes per outing.

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This salary cap maneuver will save the Rockets $2.6M in luxury-tax, dropping their current bill from $16.3 million to $13.7 million. The money that Chicago received from Houston will likely be used to offset the Carter-Williams salary and also what is owed to MarShon Brooks ($907K), according to ESPN.

The Bulls (10-30 and 4th in the Central Division standings) will be back in action on Wednesday, when they’ll travel to Portland for a match-up against the Trail Blazers.