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Chicago Bulls exercise team option to keep former Lobo Tony Snell through next season

The Chicago Bulls on Monday announced they are exercising their team option on the contract of former Lobo Tony Snell, guaranteeing the 6-7 guard will remain under contract through the 2015-16 season.

Snell, who left the University of New Mexico after three seasons amid heavy criticism he wouldn’t be drafted, went on to be the 20th overall pick in the first round of the 2013 NBA Draft by the Bulls, start 12 games as a rookie last season and earn first team All-NBA Summer League honors in Las Vegas, Nev., in July.

READ MORE: Which Mountain West players are on NBA Opening Night rosters?

The team option on Snell will pay him $1.54 million for the 2015-16 season (he earns $1.47 million this season). The Bulls also have an option to extend him for the 2016-17 season at $2.37 million as part of the league’s standard rookie contract for players drafted in the first round.

Former Lobos Cameron Bairstow (Bulls), Alex Kirk (Cleveland Cavaliers) and Danny Granger (Miami Heat) each join Snell on opening day NBA rosters this season.

LOBO LINKS: Geoff Grammer’s blog | Schedule/Results | Roster