Bulls ink Thibodeau to 4-year extension

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CHICAGO, Oct. 1 (UPI) -- The Chicago Bulls announced Monday they have extended the contract of Coach Tom Thibodeau for four years, through the 2016-17 season.

Terms of the deal weren't disclosed, but the Chicago Tribune reported it was for $17 million with incentives that could increase its value.

"Tom has proven to be one of the top coaches in the NBA and we are happy that he has agreed to a long-term extension that will ensure he is our coach for many years to come," Bulls General Manager Gar Forman said.

Thibodeau has led the Bulls to a regular-season record of 112-36 over his two years at the helm for a winning percentage of .757. He became the only coach in league history to lead the NBA in wins in each of his first two seasons.

Thibodeau was named NBA Coach of the Year in 2011 and he was runner-up for the award last season. He's coached the Bulls to an 11-11 playoff record, reaching the Eastern Conference Finals in 2011.

"I love being here," Thibodeau said at a news conference. "I never doubted it wouldn't work out. This is where I wanted to be."