Source: Bulls eyeing Derrick Rose deal

CHICAGO -- The Chicago Bulls' "top priority" during Wednesday morning's initial contact period between teams and agents will be to set up the framework of Derrick Rose's contract extension, according to a league source.

Rose, whose rookie contract is up after this season, became the youngest MVP in NBA history last season while leading the Bulls to a regular-season-best 62 wins. He is expected to receive a max extension when the time comes, although no formal offers can be made or signed until Dec. 9, according to an NBA memo issued to all teams Tuesday night.

No matter when he officially signs, Rose is due for a mammoth raise from his rookie contract, based upon a new wrinkle to the collective bargaining agreement, which is expected to be ratified at some point in the next few days.

"The Derrick Rose Rule," as it's being called around the league, rewards players of Rose's caliber by enabling a player finishing his rookie contract to make 30 percent of a team's salary cap -- up from 25 percent -- if he's been voted an All-Star starter twice, made two All-NBA teams or won an MVP award.

"It's unbelievable," Rose recently told CSNChicago.com. "But the rule, I guess, it fits me for what I've achieved at a young age and hopefully there will be a couple more people like me."

Once the new CBA is ratified, it's likely Rose will sign a five-year extension for upwards of $100 million.

Once the Bulls have the framework of Rose's new deal in place, their next order of business will be to see if they can upgrade at shooting guard. They will look at all options and aren't expected to make a decision on Keith Bogans' contract option for at least a few days.

Bogans started all 82 games a year ago, averaging four points and two rebounds per game.

Nick Friedell covers the Bulls for ESPNChicago.com and ESPN 1000.