The Chicago Bulls pulled off an expected yet savvy signing to open free agency. About an hour after the moratorium period began, the Bulls came to terms with 25-year-old point guard Tre Jones to a three-year, $24 million contract.

Jones is slated to earn less annually than the contract he previously signed with the San Antonio Spurs in 2023. Then, Jones re-signed with the Spurs for two seasons and $19 million. However, he was traded a year and a half into his contract to Chicago at the trade deadline.

Upon arriving in Chicago, Jones excelled, averaging 11.5 points, 3.2 rebounds, 4.9 assists, and 1.1 steals per game. He converted 57.2 percent of his field goals and 50.0 percent of his three-pointers, appearing in 18 contests and making nine starts.

Jones’ terrific, confined stretch earned him the three-year, $24 million pact from the Bulls. Beyond his solid counting stats, Jones served as the Bulls’ third ball handler and a player capable of piloting any unit. His inclusion in the starting lineup allowed both Josh Giddey and Coby White to focus on producing points.

The Bulls’ third-year team option on Tre Jones’ contract is understated

While a three-year pact worth just over the mid-level room exception is already a steal, the contract details are even sweeter than initially expected. HoopsHype’s Michael Scotto reported that the third year of the deal is a team option. Thus, the Bulls are provided with an added layer of protection to an already reasonable extension.

Tacking on a third-year team option preserves future financial flexibility for the Bulls, which is paramount in both the short- and long-term, as nearly every Chicago guard is up for a potentially lucrative extension. Giddey, a restricted free agent, has yet to re-sign, White is extension eligible in the coming days, as is Ayo Dosunmu.

Jones is not only a valuable (re)addition to Chicago’s backcourt, but a quality insurance piece. If one of Giddey, White, or even Dosunmu bolts, the Bulls will still have a viable playmaker for the next two or three more seasons.

Furthermore, an argument can be made that Jones is a more valuable asset than the recently departed Lonzo Ball, who, at the same time, is more expensive raking in $10 million per season. Re-signing Jones allowed the Bulls to feel comfortable swapping Ball for a more suitable player, Isaac Okoro. The former Cleveland Cavalier beefs up a once-troublesome wing unit, in dire need of perimeter stoppers.

Besides being a high-impact winning player, Jones’ value is further increased by the modest, team-friendly contract he signed. The newly surfaced contract details have only confirmed.