The final numbers of the contract are said to be five years, worth $40 million. The team also named Scott Layden as their new general manager, giving him a deal worth $2 million per season.
Thibodeau is returning where his career began, as he worked with the team as an assistant from 1989 to 1991. He mentioned that in his first statement since agreeing to the new deal, stating "it is an incredible opportunity to rejoin the organization at a time when they have what I believe to be the best young roster in the NBA."
That young, talented roster includes Karl-Anthony Towns, Andrew Wiggins, Tyus Jones, and Ricky Rubio. The 58-year-old, Thibodeau, beat out fellow ESPN analyst, Jeff Van Gundy for the position.
The former Bulls' head coach will have full control of basketball operations, while Layden will handle day-to-day duties in the front office. Layden was hired away from the Spurs as an assistant, and he also worked as a GM with the Utah Jazz and New York Knicks.
Thibodeau spent five season with the Bulls, but was fired last season, despite winning nearly 65 percent of the games in his tenure. He will now take over a team that has missed the playoffs the previous 12 seasons, but has a young core ready to succeed in the near future.