The Bulls completed a minor trade Monday morning that will have no immediate ramifications on the court.
Carter-Williams was a little-used reserve for the Rockets.
However, according to a report from ESPN's Adrian Wojnarowski, Carter-Williams is going back to the Bulls. The pick that Chicago is sending to Houston is a heavily-protected second-rounder that is unlikely to ever convey.
The Collective Bargaining Agreement contains some interesting and complicated rules surrounding the calculation of the luxury tax and a team's luxury tax bill.
Carter-Williams had played in just 16 games for Houston this year, starting just one when injuries hit the Rockets hard earlier in the year. He spent the 2016-'17 season with the Bulls. They sent Tony Snell (a better player) to the Bucks in the deal and, because they acquired another point guard, waived Spencer Dinwiddie (another better player).