The Bulls declared Dwyane Wade out for the remainder of the regular season Thursday because of a fractured elbow sustained in the Bulls’ 98-81 loss to the Grizzlies on Wednesday night. An MRI confirmed the injury. 

Following the loss to Memphis, Wade noted that he “heard a couple pops,” and Thursday’s MRI confirmed the fears that his quote inspired. There is a bit of good news for Wade, however, as he does not need surgery, and will be re-evaulated in a week. 

The Bulls are now 32-36, and a game out of the playoffs. Fred Hoiberg, however, said that the team will not pack it in following Wade’s injury, and the plan is to still make the postseason. 

If indeed the Bulls are able to make the playoffs, there is a small chance Wade could return. When speaking to reporters Thursday, he said that if he is cleared and the team makes the postseason, he’ll attempt to come back. That, of course, is still a ways off, and first, the Bulls will need to figure out a way to get back on track -- they’ve lost six of their last seven games -- without Wade. 

With Wade most likely having played his last game of 2016-17, it brings to mind the question of what the veteran guard will do in the offseason. He has a player option worth $23.8 million that he could sign, or he could decide to test the free-agent market and sign on with a team closer to championship contention. 

He’s been unhappy at times in Chicago, but he’s 35 years old, and $23.8 million is a lot of money. He could always just take the money next year and then try to sign on with a contender in 2018-19, but with as many injuries as he’s suffered, there’s no guarantee he’ll still be able to play at a high level in two years. 

Whichever way Wade decides to go, it’s sure to be an interesting summer for the three-time champ.