Rose agrees to contract extension

Associated Press

CHICAGO

Reigning MVP Derrick Rose has agreed to a five-year contract extension with the Chicago Bulls worth approximately $94 million, a person familiar with the situation said.

The Chicago Tribune, citing sources, first reported the deal.

The person spoke to the Associated Press on the condition of anonymity Tuesday night because the deal had not been finalized. The extension will start in the 2012-13 season, when Rose is eligible to make about $16 million.

The deal is hardly a surprise given all Rose has accomplished. The Chicago product went from Rookie of the Year to All-Star to MVP in his first three seasons, becoming the youngest player to win that award.