The Bulls have given Joakim Noah a five-year contract extension worth more than $60 million and the young big man is grateful.

"I'm pretty happy," Noah said. "It's very exciting. I'm very happy that I'm going to be able to be here for a while. I feel like the Bulls definitely did me right.

"But I promise I'm going to give 150 percent every time I'm out there, and I understand with a lot of money comes a lot of responsibility. I'm excited for the challenge."

Noah admitted that a new collective bargaining agreement and a potential lockout this summer factored into his decision.

"It's always very weird when negotiations are going on," Noah said.

"But I understand that there's a CBA going on next year, the collective bargaining agreement, so not a lot of players in my class got contract extensions, and I feel like [the Bulls] definitely did it because they like me and I'm pretty happy about it."