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NEWS OF THE MORNING
No. 1: Reports: Hoiberg headed to Bulls; Has reached 5-year deal with Chicago — The worst kept secret in the NBA regarding who will replace Tom Thibodeau as coach of the Chicago Bulls will likely be fully out in the open today. According to multiple reports, the Bulls are set to formally introduce Iowa State coach (and former Bulls player) Fred Hoiberg as their next coach. ESPN.com has more on the move, which isn’t a done deal yet, but is close enough that Hoiberg is telling some at Iowa State he won’t be back for 2015-16:
Fred Hoiberg has informed several Iowa State players and staff members that he is leaving, a source told ESPN.com’s Jeff Goodman.
Hoiberg is in negotiations with the Chicago Bulls for a five-year contract to become their new coach and was en route to Chicago to finalize the agreement, according to the source.
Although contract language is still being hammered out, multiple sources said the feeling from many within the Bulls organization is that the deal is all but complete.
On Monday night, the Bulls informed media that the team will make a “major announcement” Tuesday at 3 p.m. ET.
Hoiberg has been mentioned as a successor to Tom Thibodeau for months, due to Hoiberg’s close friendship with Bulls general manager Gar Forman and several others in the team’s front office.
Yahoo Sports’ Adrian Wojnarowski reports Hoiberg has in fact already signed with the Bulls and has a five-year, $25 million deal with them:
Fred Hoiberg has signed a five-year contract worth nearly $25 million to coach the Chicago Bulls, league sources told Yahoo Sports.
Chicago has a news conference set for Tuesday afternoon to introduce Hoiberg as coach.
Hoiberg’s contract is comparable to deals that Golden State’s Steve Kerr and New York Knicks’ Derek Fisher signed a year ago.
Hoiberg had been making $2.6 million a year at Iowa State.
Bulls management considered the partnership that Celtics general manager Danny Ainge and Brad Stevens had developed as a model for the Hoiberg hiring, league sources said. Stevens made the leap to the NBA from Butler University three years ago.
The Oklahoma City Thunder hired Florida coach Billy Donovan, agreeing to what sources say is a five-year, $30 million contract.