Read More: Carlos Boozer (F – CHI), Richard Hamilton (G – CHI), Derrick Rose (G – CHI), Tom Thibodeau (A – BOS), Indiana Pacers, Chicago Bulls

The Chicago Bulls announced on Tuesday night that the team will be making a “major announcement” at 11 a.m. on Wednesday afternoon at a press conference featuring point guard Derrick Rose, head coach Tom Thibodeau, vice president of basketball operations John Paxson and general manager Gar Forman. 

Rose wouldn’t mention any specifics after Tuesday night’s game against the Indiana Pacers, but it’s expected that the presser will announce a five-year, $94.8 million contract that’s reportedly been agreed upon already by the Bulls and their star point guard. At this point, the deal is being treated as effectively done, as Carlos Boozer made comments recently:

We’re all very excited for him. He deserves it. He puts in a lot of effort. I wish the contract was for 10 years.”

The Bulls won 93-85 on Tuesday night against Indiana, beating the Pacers in a pair of preseason games to gear up for the regular season. Chicago is expected to be a major contender for the championship once again this season with Rose at the helm, especially given the recent addition of shooting guard Richard Hamilton.

For updates on free agent moves, stay tuned to SB Nation Chicago. For in-depth coverage of the Bulls, visit Blog a Bull. For more news and notes from around the league, head over to SB Nation’s NBA news hub.

2010-11 record: 37-45

Head Coach: Frank Vogel

Key Departures: Josh McRoberts, T.J. Ford, Mike Dunleavy Jr.

Key Additions: David West, George Hill

Best case scenario: The Pacers build on their spirited 1st round performance against the Bulls, seamlessly integrate David West and George Hill into their frontcourt and backcourt, they run a lot of pick-and-pop with those two and ride the momentum Indy began to accumulate at the end of last season into at least one playoff series win.

Danny Granger reminds everyone why he was once thought of as one of the NBA’s best pure scorers and most underrated players.

More likely scenario: The Pacers do their best and win more games than they lose in the regular season, but end up not quite having enough talent or enough defensive chemistry to get past teams like the Celtics, the Heat, the Bulls, or even the Knicks or Magic in the first round, and lose a heartbreaking 1st-round series in 6 or 7 games. Then Larry Bird retires.

Prediction: 35-38 wins

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INDIANAPOLIS — Indiana Pacers point guard Darren Collison, who sprained his left ankle in the second quarter of Monday’s game against the Chicago Bulls, remains optimistic he can play on Thursday in Game 3.

Pacers coach Frank Vogel, however, is preparing as if he won’t.

Collison was dressed for Wednesday’s practice but did not participate in live action.

“Right now it’s feeling better than [Tuesday], so I expect tomorrow it should be feeling even better,” Collison said.

Although the official team prognosis for Collison is “day to day,” Vogel said he considers him doubtful for Thursday’s game and is preparing to start A.J. Price and play T.J. Ford off the bench.

“We’re hoping for the best, but we’re listing him as doubtful,” Vogel said. “He’s still very sore. He’s going to try to give it a go but I’m preparing to not have him.”

Mark Montieth is a special contributor to ESPNChicago.com.

Chicago Bulls’ Luol Deng (L) and teammate Carlos Boozer go up for a rebound against Indiana Pacers during the first half of Game 2 of their NBA Eastern Conference first round playoff basket ball game in Chicago, April 18, 2011.

Credit: Reuters/John Gress