As friend (?) of the blog and protector of the cold-water bucket KC Johnson would say: 'expected'
Rip Hamilton will soon be a free agent as the Bulls will waive him rather than guarantee his $5 million salary for next season, source says.— Ken Berger (@KBergCBS) July 2, 2013
Rip's contract could've been used before 7/1 to facilitate a trade, but after that time (since the moratorium ends the same date as his contract guarantee on 7/10) any trade scenario would've meant guaranteeing the full year of that contract, which nobody would take.
The $1m buyout is part of the Bulls cap calculation for 2013-14.