Report: Chicago Bulls, Fred Hoiberg Working On 5-Year Deal

The Chicago Bulls parted ways with Tom Thibodeau on Thursday after they failed to beat the injury-ravaged Cleveland Cavaliers in the second round of the playoffs.

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Although Thibodeau compiled the second-highest winning percentage (.647) in club history behind Phil Jackson and guided his teams to the playoffs in each of the last five seasons, the front office decided that a change was needed in order for the organization to take the next step.

Following the dismissal of Thibodeau, general manager Gar Forman expressed his thoughts on some of the traits they will be seeking in their next head coach, as reported by CSN Chicago’s Vincent Goodwill:

“We’re really looking for the right fit. I went through some of those things that I talked about, obviously someone that could lead, someone that can communicate at a high level, has a great knowledge of the game. Obviously experience is a plus, as far as coaching is concerned. If they’ve been a head coach, even more so. But we’re not going to limit the search in any way.”

One of the names that has been linked to the organization for the past few months is Iowa State head coach Fred Hoiberg. And what should come as a surprise to no one, ESPN Chicago’s Nick Friedell and ESPN.com’s Andy Katz are reporting that the Bulls and Hoiberg are currently in the midst of working on a five-year deal worth approximately $25 million.

Hoiberg played in the NBA for 10 years, four of which he spent with the Bulls after signing as a free agent in 1999. Following his tenure with the Bulls, he went on to play for the Minnesota Timberwolves before retiring in 2006 to take a front-office position within the organization.

Mar 2, 2015; Ames, IA, USA; Iowa State Cyclones head coach Fred Hoiberg watches his team play against the Oklahoma Sooners at James H. Hilton Coliseum. Iowa State beat Oklahoma 77-70. Mandatory Credit: Reese Strickland-USA TODAY Sports /

In 2010, Hoiberg returned to Iowa State–his alma mater–and has done a respectable job to say the least. During the past five seasons with the Cyclones, he has complied a 115-56 mark along with four consecutive NCAA tournament berths, including a Sweet 16 appearance in 2014.

Hoiberg is regarded in many circles as an offensive-minded head coach who ran his team using an NBA-style kind of offense. This is certainly a positive for a Bulls team that endured lengthy scoring droughts, as was demonstrated in their 94-73 loss to the Cavaliers in Game 6 of the conference semifinals that concluded their season.

Whether or not Hoiberg’s success at the collegiate level will carry over into the NBA remains to be seen. However, being that the Bulls fired Thibodeau with two years and $9 million remaining on his contract, the Bulls are hopeful that Hoiberg will follow in the steps of Steve Kerr and David Blatt, who both led their respective teams to the Finals in their first season.

Next: Chicago Bulls: 5 Burning Questions Heading Into Offseason

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