The Houston Rockets have traded point guard Michael Carter-Williams to the Chicago Bulls for a future conditional second-round pick and cash considerations, according to ESPN's Adrian Wojnarowski. The Bulls will consequently waive Carter-Williams upon the full completion of the trade.

The move comes hours before the 5 p.m. ET deadline to waive non-guaranteed contracts, allowing the Rockets to free some salary cap space by moving on from one of their less-favored rotation pieces while getting a potential future asset and some cash to help with their luxury tax situation.

The Rockets are unlikely to get the promised pick, given the heavy conditions in it that make it difficult for the Bulls to meet. The future second-rounder is rather a formality to allow the deal to go through, making this an unnecessarily-complicated legalization of selling Carter-Williams for cash.

Assuming the league processes the trade timely, the Bulls will have six hours to waive his contract and not assume liabilities for the remainder of the season, allowing him to go into waivers. Chicago's roster was already at the maximum of 15 players before dealing for Carter-Williams, who has proven to be a bust in today's NBA after a promising rookie season with the Philadelphia 76ers in 2013-14.

In 16 games with the Rockets, Carter-Williams averaged a career-worst 4.3 points and 1.2 assists per game with the team, a far cry from the promising 16.7 points, 6.2 rebounds and 6.3 assists he put up as a rookie in the league.