During the 1989-90 season, the salaries of the Chicago Bulls’ players came under scrutiny. While Michael Jordan, the team’s star player, earned $2,500,000, it became evident that he was being compensated significantly less than some of his peers in the league. After the 1990 Eastern Conference Finals, where the Chicago Bulls narrowly missed out on a chance to reach the NBA Finals once again, the team found themselves in search of marquee free agents to bolster their roster. One prominent candidate who caught their attention was demanding a substantial salary of $3,000,000. However, the Bulls encountered a significant obstacle in their pursuit of this player, making their plans uncertain.
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It’s clear that MJ was being underpaid. Charles Barkley, who was drafted alongside MJ, received $3,000,000 that season. This glaring discrepancy prompted the widespread belief that Jordan deserved greater financial recognition for his immense contributions to the Bulls and the NBA. The sentiment was echoed by Indiana Pacers general manager Donnie Walsh, who remarked, “We should all be chipping in to pay him. He does so much for the league.”
Chicago Bulls’ attempt to replace Michael Jordan as marquee player highlighted the management’s hypocrisy
The lack of team success despite Michael Jordan’s individual brilliance left the Bulls’ management dissatisfied. Despite Jordan’s impressive individual accolades, including titles and awards, he had yet to achieve significant team success in his first seven years with the team. This situation caused a sense of panic and unease among the management, prompting them to actively search for a new marquee signing.
Initially, Michael Jordan was enthusiastic about the possibility of bringing in his former North Carolina teammate, Sam Perkins. The two had previously won the NCAA championship together in 1982 while playing for the University of North Carolina.
However, Jordan was uncertain about whether Perkins would be willing to join the Bulls. He believed that players from North Carolina tended to be highly loyal to their respective teams.
On the other hand, the Bulls’ management was apprehensive about the idea of offering someone else a salary exceeding $3,000,000 to replace Jordan’s position in the team. The complexity of the situation was succinctly captured by Sam Smith in his book, The Jordan Rules. The following excerpt sheds light on the dynamics between Perkins, Jordan, and the Bulls’ management:
“But the Bulls had other concerns. They were paying Jordan less than $3 million, and while they felt they could get away with Jordan being paid less than several other players around the league, they knew it would be intolerable for him to be the second-highest player on his own team.”
Ultimately, Sam Perkins extended his stay with his draft team Dallas Mavericks for a six-year $18,000,000 deal in 1990. He was later traded to the Los Angeles Lakers during the same season.
Jordan would eventually become the highest-earning player in the league
It was only after leading the Chicago Bulls to a championship victory in 1991 that the team truly recognized the value of Michael Jordan. This remarkable achievement resulted in a renewed contract for Jordan, which included an annual salary of $3,000,000. Jordan earned approximately $10,000,000 during his incredible three-peat accomplishments. However, it was still considered less than his immense contributions to the team.
As time went on, Jordan’s star continued to rise, and he eventually became the highest-paid player in the NBA. This record remained unbroken for two decades until 2018. In the 1997-98 season, Jordan’s earnings reached an astonishing $33.1 million, surpassing the team salaries of numerous franchises. Notably, during that same season, Jordan achieved his second three-peat. Therefore cementing his status as the first athlete to amass a billion-dollar fortune upon his retirement in 1998.
