by Marcel Mutoni / @marcel_mutoni

The “Derrick Rose Rule” is going to make Derrick Rose a very rich man, something he’s quite pleased with.

As expected, the Chicago Bulls and their superstar point guard have agreed to a 5-year, $94 million contract extension. A press conference announcing the deal will take place at the Berto Center today.

The Chicago Tribune has the details:

Derrick Rose has agreed to a five-year, $94.8 million contract extension, and the Bulls will make the formality official at a Wednesday news conference at the Berto Center, sources told the Tribune. “It’s something big,” Rose said without confirming the announcement. “I’m going to talk about it more with my family there. I don’t think about money. The Bulls show they trust me. I just feel blessed.”

The extension is for about $10 million to $11 million more than Rose would have been eligible for under the previous collective bargaining agreement. The newly nicknamed “Derrick Rose rule” rewards players who outperform their rookie scale contracts. Rose qualifies for one of the three stipulations as he became the youngest most valuable player in NBA history last season. The extension will begin in the 2012-13 season at $16.3 million in the first year. Rose, 23, said the extension won’t change him.

The extension is a no-brainer for both parties.

The Chicago Bulls are a young team on the rise, and are expected to challenge for an NBA championship for the next few years. And as the reigning MVP (the youngest player to ever win the award, no less), Derrick Rose is very deserving of the contract.