Michael Carter-Williams' days with the Houston Rockets are over. 

According to a report from ESPN's Adrian Wojnarowski, the Rockets have traded Carter-Williams to the Chicago Bulls -- along with cash -- in exchange for a future conditional second-round pick. The pick that Chicago is sending to Houston is a heavily-protected second-rounder that is unlikely to ever convey. 

The deal saves the Rockets $2.6 million in luxury tax payments, and drops the team's total bill from $16.3 million to $13.7 million.  

Don't expect to see Carter-Williams suiting up for the Bulls (again), however. The Bulls quickly waived him before his deal would be fully guaranteed for the remainder of the season. 

Carter-Williams, who was named the 2013-14 NBA Rookie of the Year as a member of the Philadelphia 76ers, signed a one-year, minimum deal with the Rockets back in July, and appeared in 16 games for the franchise this season. Now an unrestricted free agent, he will have the opportunity to sign elsewhere -- though it will be interesting to see if another team gives him a chance after how his past few seasons have gone. 

Carter-Williams has averaged 11.1 points, 4.7 assists, 4.5 rebounds, and 1.4 steals in 26.5 minutes per game in 303 career games that included stints with the Philadelphia 76ers, Milwaukee Bucks, Chicago Bulls, Charlotte Hornets and Houston Rockets.