After tons of chatter, the Chicago Bulls ended up holding onto the 14th pick in the NBA Draft, using it to draft guard Denzel Valentine out of Michigan State University.
Valentine, who had some injury concerns coming into the draft, averaged 19.2 points and 7.8 assists per game in his final season with the Spartans, and he'll hope to fit into the Bulls' backcourt that is currently in flux after Derrick Rose was traded to the New York Knicks on Wednesday.
For a while, it wasn't clear if the Bulls would keep the 14th pick. Numerous reports had them discussing trade scenarios with both the Boston Celtics and the Minnesota Timberwolves, which would have involved Jimmy Butler heading out of Chicago in exchange for a higher lottery pick.
By the time the Bulls' pick rolled around, the chatter finally began to die down, and the Bulls went with a player that may be the most polished guard available at this stage in the game.
Valentine could be an excellent fit as a facilitator for Butler, and his size should make for interesting matchup choices against opposing backcourts. He has a good nose for the ball and the ability to score, giving him a plethora of weapons to choose from in Fred Hoiberg's offense.
UPDATE: 8:01 p.m. - According to TNT's David Aldridge, there is "no chance" that Jimmy Butler will be heading to the Minnesota Timberwolves.
UPDATE: 7:47 p.m. - According to Marc Stein of ESPN, there is "optimism" that a trade can be worked out to send Jimmy Butler to the Minnesota Timberwolves.
UPDATE: 7:20 p.m. - Apparently the Bulls and Timberwolves are still talking about a trade for Jimmy Butler. The Timberwolves took Kris Dunn with the fifth overall pick in the draft, and he would be the central piece on the package coming back to Chicago if the sides can agree to a deal, per ESPN's Marc Stein.
UPDATE: 7:15 p.m. - The Bulls were in negotiations with the Minnesota Timberwolves for the fifth overall pick, but they couldn't come to an accord with former coach (and current Minnesota boss) Tom Thibodeau, according to reports.
According to The Vertical, the Bulls wanted Zachary LaVine and the number five pick in exchange for Jimmy Butler, but the two sides couldn't make things work.
There was talk that the Bulls could pull off another draft day swap, with Jimmy Butler as the center piece, but things never worked out with the Boston Celtics in a trade for the third overall pick, as the Celtics took Jaylen Brown with the pick.
The Bulls could also presumably move back into the back end of the first round if they so choose, with a player like Taj Gibson serving as trade bait in a swap there. That move would leave the Bulls in search of a new power forward, with guys like Henry Ellenson and Cheick Diallo both potentially on the board there.
Stay tuned for updates throughout the night here from NBC Chicago.