We received official word via bucket of cold water shortly after 2pm:

Bulls have no deals in waiting as trade deadline passes. Was told they talked to Nuggets about Hamilton but nothing doing.

— K.C Johnson (@KCJHoop) February 21, 2013

There were no real updates on the Bulls situation throughout trade deadline day. Clearly there was an intention to try and trade Rip Hamilton to get under the luxury tax, but early word came from Adrian Wojnarowski that the Bulls were not willing to include a first-round pick to do so.

So that's good. The Bulls did not part with any assets just to avoid the luxury tax. And thus for the first time in the history of that provision, they will be a taxpayer. The financial dynasty is over.

As some have fearmongered, this does 'start the clock' on a scenario where the Bulls will look to avoid paying the tax in (including this year) 3 of the next 4 seasons and some huge penalty in 2016 or later. It was extremely unlikely they were doing that, especially looking at a possible 2014 plan where Deng's contract is up and Boozer can be amnestied.

It was a relatively quiet trade season around the league. The biggest deal was J.J. Redick going to the Bucks. Beyond that it was a lot of spare parts moving around, including our old pal Ronnie Brewer being sent to the Thunder. A more-than-comprehensive breakdown of all trades can be found here.