Norman Powell signed a two-year, $45 million contract with the Chicago Bulls. The agreement includes a team option for the second season.

Powell spent last season with the Miami Heat. His departure followed Miami's acquisition of Giannis Antetokounmpo, which tightened the team's salary cap and made re-signing Powell financially unfeasible.

"Obviously, it's a business," Powell said Saturday. "They made their decisions and made their moves, and things happen. It is what it is."

Powell, 33, observed his new teammates during NBA Summer League in Las Vegas, greeting several players for the first time on the sidelines at the Thomas Mack Center. He said he believes he is the oldest player on the roster.

"I think I'm the only 30-year-old on the team," Powell said.

He plans to draw on experience gained alongside veteran teammates to help guide Chicago's younger players—both on the court and in managing life as a professional athlete.

Bulls executive vice president Bryson Graham has known Powell for years and pushed to get the deal done.

"He's been a fan of me and my game for a very long time," Powell said of Graham. "He's just really excited that we were able to get a deal done and come here and pass that knowledge on and be a part of the culture."

Powell has spent recent seasons adapting his game to fit playoff rosters and adjust his scoring role, giving the Bulls a versatile piece they can develop around or move at the trade deadline.

Powell acknowledged that possibility. "Looking at the business of it, I've been around so long that (the nature of the deal) crossed my mind," he said.

The team option mirrors the approach Chicago took with Zach Collins' extension, signaling the new front-office regime's focus on roster flexibility.

During Summer League, Powell invited teammates to early morning gym sessions. Guard Rob Dillingham joined him Saturday for a workout in Las Vegas, where Powell owns a residence.

Powell had not yet connected with 19-year-old Caleb Wilson as of Saturday afternoon. Wilson scored 35 points in his NBA Summer League debut.