Joakim Noah wasn’t happy with the Bulls’ $55 million offer, but Chicago upped the ante and it seems the two parties have agreed to an extension.

The deal is worth $60 million plus additional bonuses, Dan Fegan, one of Noah’s agents, told ESPN The Magazine’s Ric Bucher.

I compared Noah to Andrew Bogut in a previous post, and this contract sound a lot like the one Bogut signed two years ago. Bogut’s deal raised a few eyebrows then, but he has since developed one of the best two-way centers in the league, earning All-NBA 3rd Team honors last season in his best year as a pro.

Between this contract and their refusal to include him in a deal for Carmelo Anthony, the Bulls obviously value what Noah brings to the table. According to 82 Games, his net points (per 100 possessions) was +0.9 last season, while Bogut’s was +8.0. In three head-to-head matchups last year, Bogut averaged 22/14 on 52% shooting, while Noah posted 10/16 on 42% shooting.

I think $12 M+ per season for a defensive/rebounding specialist is steep, but maybe Noah will develop offensively in the same way Bogut did. The difference is that Bogut started with a pretty good post game and developed from there, while Noah’s current post moves are rudimentary at best.