As a first-round pick, the Bulls had until 10/31 to do this.
The Bulls announced today the team has exercised its third-year option for the 2015-16 season for guard Tony Snell. pic.twitter.com/62toD4IgLM— Chicago Bulls (@chicagobulls) October 27, 2014
It's rare, but not unprecedented, for teams not to pick up this option. Being drafted so low, Snell's deal is so inexpensive ($1.5m for that season) that it would've been a pretty big surprise if the Bulls didn't do this. So though Snell appears out of the rotation for now, they're not giving up on him to that degree just yet.
And hey, it can be used as leverage against Jimmy Butler in his extension talks. Or no?