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The Chicago Bulls officially extended a qualifying offer to forward Lauri Markkanen, making him a restricted free agent ahead of the start of free agency Monday.

The move was expected considering the one-year, $9 million offer gives the Bulls flexibility in how they operate with Markkanen’s future. They will be able to match any contract offer Markkanen receives on the open market or find a sign-and-trade partner if they don’t want to match.

Markkanen, 24, has had an up-and-down four-year Bulls tenure — and his most recent season continued that mixed bag. On one hand, he shot a career-high 48% from the field and 40.2% from 3. He’s a young 7-footer who can stretch the floor and is still a valuable player who can fit on many rosters.

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But after a hot stretch to begin the season, Markkanen’s impact on the Bulls was limited. He averaged 13.6 points per game, 5.3 rebounds and 0.9 assists, all career lows, moving to a bench role for the first time in his career and playing a career-low 25.8 minutes per game. He has had issues staying healthy the last few seasons, playing just 51 games in 2020-21 with a right shoulder injury and a stint in the health and safety protocols.

After the midseason trade for Nikola Vucevic, Markkanen’s role on the team diminished. Since both big men have similar skill sets and neither is a strong rim protector, their fit together on the floor is a bit awkward.

So all signs would point to a potential split between the Bulls and Markkanen, who was a cornerstone of the team’s plans after he was acquired in the Jimmy Butler trade in 2017. Markkanen is expected to have several suitors on the market, according to Shams Charania of the Athletic.

The Bulls reportedly offered Markkanen a multiyear extension before the start of last season, but the sides could not come to an agreement on an annual salary.

Then at the trade deadline, the Bulls were engaged in talks with the New Orleans Pelicans with Markkanen as a potential centerpiece in the package for Lonzo Ball, who is also set to become a restricted free agent. The Bulls are expected to make another pursuit of Ball this summer in their hunt for a point guard.

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