The Chicago Bulls signed free agent Greg Smith to a contract for the remainder of the season and fully guaranteed for next season, a league source told RealGM.

For the Bulls, the signing represents a wise and proactive investment in Smith, a 6-foot-10 center capable of serving as a contributing reserve on a championship caliber team. Despite his season-ending knee injury, Smith was expected to be a valued player in free agency, and only became available when the Houston Rockets released him and he cleared waivers.

Smith, 23, has averaged 5.3 points and 4.1 rebounds in 89 career games over three NBA seasons.

To create room on the roster, the Bulls released Tornike Shengelia.

Shengelia (6-9, 220), was acquired from Brooklyn in exchange for guard Marquis Teague on January 21.  He appeared in nine games for the Bulls and averaged 0.4 ppg and 0.2 rpg in 1.9 mpg. In his NBA career, Shengelia has appeared in 45 games and averaged 1.3 ppg, 0.9 rpg and 0.4 apg in 5.5 mpg, while shooting .451 from the field.

The New Orleans Pelicans have waived center Greg Stiemsma and signed center Melvin Ely for the remainder of the season.

Ely (6-10, 260) has appeared in 373 games over eight NBA seasons, averaging 5.3 points and 3.3 rebounds in 16.0 minutes per game. The 6-10 center joins the Pelicans after playing the last two seasons for the Texas Legends in the NBA D-League, where he appeared in 78 games (74 starts) and averaged 13.4 points and 6.0 rebounds in 27.7 minutes per game. In the 2013-14 season, Ely totaled 15.8 points and 5.5 rebounds per game in 41 appearances and was selected to the 2014 NBA D-League All-Star Game.

Stiemsma appeared in 55 games (20 starts) this season for the Pelicans and averaged 2.9 points, 4.1 rebounds, and 1.0 block in 18.3 minutes per game. The three-year veteran holds career averages of 3.4 points, 3.6 rebounds, and 1.2 blocks in 16.0 minutes per game.

Greg Smith has cleared waivers after being released this week by the Houston Rockets.

Smith was waived in order for the Rockets to sign Dexter Pittman.

Smith averaged 3.5 points and 2.5 rebounds in 9.1 minutes in 11 appearances with the Rockets.

The Houston Rockets agreed to sign Dexter Pittman while waiving Greg Smith.

Smith has missed most of the season due to a knee injury.

Pittman, who went to training camp with the Chicago Bulls and later signed a 10-day contract with the Atlanta Hawks, has averaged 11.3 points and 6.8 rebounds with the Austin Toros of the NBA D-League.

The Utah Jazz have claimed rookie forward Erik Murphy off waivers from Chicago. In a related move, the Jazz requested waivers on center Andris Biedrins. 

Following the moves, the Jazz roster remains at 15 players.

The 23-year-old Murphy (6-10, 230, Florida) was waived by Chicago on April 3 after appearing in 24 games for the Bulls, averaging 2.6 minutes per contest.  He was selected by Chicago in the second round (49th overall) of the 2013 NBA Draft.

The Chicago Bulls have requested waivers on Erik Murphy.

The Bulls have held discussions about signing Ronnie Brewer and Mike James, according to K.C. Johnson of the Chicago Tribune.

Murphy appeared in 24 games with the Bulls and averaged 0.3 ppg in 2.6 mpg. Murphy was selected in the second round (49th overall) of the 2013 NBA Draft.

Chicago’s roster now stands at 12.

The Minnesota Timberwolves have waived guard A.J. Price. The Wolves roster stands at 14.

During the 2013-14 NBA season, Price appeared in 28 games with the Timberwolves and averaged 1.6 points, 0.5 assists and 0.4 rebounds in 3.5 minutes per game. Playing in his fifth season out of Connecticut, Price has averaged 5.9 points and 2.2 assists in 15.3 minutes over a 235 game career.