NBA Free Agency 2012: Nets Retain Deron Williams, Bulls Keep Quiet

CHICAGO, IL - JANUARY 23: Deron Williams #8 of the New Jersey Nets moves against Derrick Rose #1 of the Chicago Bulls at the United Center on January 23, 2012 in Chicago, Illinois. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Jonathan Daniel/Getty Images)

It's a good thing Brooklyn Nets minority owner Jay-Z can "sell water to a well", because Monday's trade to pry Joe Johnson and his unfathomably bad contract out of Atlanta sure looks a lot better now that Deron Williams will be sticking around for five more years. Williams made his announcement to remain in Brooklyn on Twitter just minutes before Chris Broussard's super-secret sources tipped him off. A scoop foiled.

Williams chose five-years and $100 million from the Nets over a four-year, $75 million offer from his hometown Dallas Mavericks. Will this be the one signing that doesn't get the entire Internet groaning about free agents getting overpaid? Potentially.

According to SB Nation's Mike Prada, the Williams-Johnson backcourt now vaults Brooklyn into the East's "power vacuum", which sounds like something awesome that Jerry Reinsdorf couldn't afford.

The Nets aren't done, either. While little shifted on the Dwight Howard front today, Brooklyn re-upped swingman Gerald Wallace to a four-year deal worth $40 million. The Nets also inked 6-foot-9 Bosnian bro Mirza Teletovic to a three-year deal. Prada thinks he could turn into a sweet-shooting stretch power forward. The homie Adrian Wojnarowski also has the Nets interested in Bucks power forward Ersan Ilyasova.

Other news and notes from around NBA free agency, after the jump...

  • The Celtics and Jason Terry agreed to a three-year deal today. What does that mean for Ray Allen's future in Boston? The NBA's all-time three-point champ is set to meet with the Clippers and Miami Heat, and is still weighing an offer to remain a Celtic.
  • In "poison pill" news, the Raptors signed decidedly underwhelming swing man Landry Fields to a three-year offer sheet today that reportedly approaches $20.
  • George Hill will be staying in Indianapolis for the next five years.
  • Courtney Lee is now an unrestricted free agent after the Houston Rockets pulled their qualifying offer.
  • The Rockets want Jeremy Lin.

Since I am the editor over at SB Nation Chicago, I'm going to shamelessly plug some Bulls stuff I posted over there in the last couple days. Y'all should follow our Bulls free agent stream for updates throughout the day.

Visit SB Nation Chicago for tons of Bulls stuff. Please? I also make fun of the Cubs a lot, though they practically write their own jokes at this point. I also bitch about the Bulls on Twitter, if you're into that game, too.

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