Randolph was acquired by the Bulls on draft night as part of the deal that landed Doug McDermott from the Denver Nuggets. The Bulls sent the 16th and 19th picks in the draft, as well as a future second round pick, to Denver in exchange for Randolph and McDermott. Randolph was never thought to be part of the Bulls' future plans and is expected to be waived by the Magic, according to USA Today, which earlier reported the deal.
The Randolph deal is another example of the Bulls clearing cap space to officially sign Pau Gasol, Nikola Mirotic and re-sign veteran guard Kirk Hinrich. Those deals should be announced in the coming days, as well as the amnesty clause being used on the final year of Carlos Boozer's contract.
The Bulls also officially announced on Monday that they have traded Greg Smith to the Dallas Mavericks in exchange for the rights to Tadija Dragicevic. Smith, who signed with the team on April 14, never played a game for the Bulls. Like the Randolph deal, the Smith move was made to create even more cap space.