The Bulls announced this morning that they have reached a contract settlement with Tim Thomas. The 32-year-old forward was placed on waivers.

Thomas, who had one year remaining on his contract at a little more than $6.4 million, was acquired from the Bulls on Feb. 19 in a four-player trade with the New York Knicks. In 18 games with the Bulls, he averaged 5.8 points and 2.3 rebounds in 14.1 minutes as a reserve forward.

But with the Bulls selecting a pair of forwards in last month's draft -- James Johnson and Taj Gibson -- there would be no role for Thomas this season. One or both of the rookies will get most of those minutes.

By letting Thomas go now, the Bulls can say a few dollars while giving Thomas a better chance of hooking on with another team.

In other personnel moves, the Bulls re-signed veteran Lindsey Hunter to a one-year deal for $1.3 million. With the signing last week of Jannero Pargo, there won't be much playing time for Hunter, but the Bulls value him as a mentor on the bench and in the locker room.

Although he won't have the title, Hunter will serve as a facto player/coach. The Bulls liked the role he performed last season in helping Derrick Rose through his rookie season. Hunter also was around for last week's summer league practices.