Rockets trade Carter-Williams to Bulls; will be waived

The Houston Rockets traded guard Michael Carter-Williams and cash to the Chicago Bulls on Monday in exchange for a conditional second-round pick, the team announced Monday.

The trade drops the Rockets' luxury-tax bill by approximately $2.6 million this season and opens up a roster spot.

The Bulls will waive the former Rookie of the Year, whose one-year, $1.8-million contract would've become fully guaranteed as of 5 p.m. ET on Monday. Instead, Carter-Williams will be owed just $1.2 million, according to Spotrac.

The 27-year-old Carter-Williams has played sparingly for Houston this season, especially amid the team's current hot streak. Across 16 appearances, he's averaged 4.3 points and 1.3 assists in 9.1 minutes per game.