Ending one longtime era and starting a new, certainly different one, the Bulls traded Luol Deng to the Cavaliers late Monday night for center Andrew Bynum and three draft picks.

The Bulls will waive Bynum before the second half of his $12.3 million contract becomes guaranteed on Tuesday. That move will drop them below the luxury-tax threshold in a season in which they no longer are championship contenders after the loss of Derrick Rose to a knee injury, saving them close to $15 million.

More importantly, it will start the rebuild on what management hopes is a second championship window after the first built around the core of Rose, Deng, Carlos Boozer and Joakim Noah closed when Rose tore his meniscus.

“The moves today will put us in a better position to make the entire roster stronger for the future and to compete for a championship,” general manager Gar Forman said in a statement.

The Bulls all along insisted they wouldn’t trade Deng merely as a salary dump. But talks accelerated after Deng's camp rejected one more overture at an extension last week, which sources placed at $10 million annually over the next three or four years. When the Cavaliers met the Bulls’ demands for draft picks, the trade was on.

The Bulls acquired the right to the Sacramento Kings’ first-round pick, which is top-12 protected in 2014, top-10 protected from 2015-17 and then becomes a second-round pick if not used by then, and two second-round picks the Cavaliers had acquired from the Trail Blazers in 2015 and 2016.

Also, the Bulls have the right to swap their own 2015 first-round pick with the Cavaliers only in the case the Cleveland pick is between 15 and 30.

“We have great respect for Luol Deng as a player and a person,” Forman’s statement continued. “He has been an incredible contributor to our team on the court and he has also done great things in the community. On behalf of the entire Bulls organization, I want to thank Luol for his years in Chicago.”