Portis, 23, was set to become a restricted free agent this summer after turning down a multi-year deal just before the start of this past season. The sharpshooter entered Wednesday averaging a career-high 24.8 points per game while shooting 46.9 percent from the field, 35.4 percent from beyond the arc and 79.4 percent from the free-throw line.
He never really fit in Chicago and was unable to find a consistent role despite myriad injuries to the Bulls frontcourt.
So the Bulls will go forward with Porter on the wing.
In Parker, the Wizards are taking a flyer on the second-overall pick from the 2014 NBA Draft who has seen his career tail off significantly as a result of two knee injuries that caused him to miss nearly 150 games over his first three seasons.
Parker's situation is a bit more complicated, but his deal is essentially an expiring one as the Wizards would be foolish to pick up his $20 million option for next season. The Bulls' hope is that this season is an aberration and that he'll bounce back with a new team.
For Chicago, this move is about bolstering the young core at a position of need. It was expected by many, including myself, that the team would look to address this hole in the upcoming draft, as there are many phenomenal prospects at small forward this year.
What are they going to do, trade him? Parker was averaging 14.3 points and 6.2 rebounds. He was the longest-tenured Bulls player before being moved and was averaging 14.1 points and 7.3 rebounds. Not long after Hoiberg was sacked and the newly promoted Jim Boylen took over on December 3, Parker fell out of the rotation altogether.