(CBS) The Bulls have traded point guard and former MVP Derrick Rose to the Knicks in a blockbuster five-player deal.

Chicago is shipping Rose, young wing Justin Holiday and a 2017 second-round pick to New York in exchange for big man Robin Lopez, guard Jerian Grant and veteran point guard Jose Calderon.

Rose, 27, was the hometown hero whom the Bulls took first overall in the 2008 draft. By his third year, he set the goal of winning the MVP, then did so with a brilliant 2010-’11 campaign in which he became the youngest player in league history to win the award.

“Knowing Derrick as I do makes this trade a hard one,” Bulls chairman Jerry Reinsdorf said in a statement. “Everyone knows him as the local kid who became MVP for his hometown team, but not everyone got to know him like I did. While he is a terrific basketball player, he is an even better person with a tremendous heart. I wish him the best of health for the remainder of his career, and I want to personally thank him for everything that he did on the court and in the community during his time with the Chicago Bulls.”

Rose’s career arc changed in April 2012, when he tore his left ACL on a drive to the basket in the playoff opener for the top-seeded Bulls. He was never the same.

Rose sat out all of the 2012-’13 season, taking criticism from some for not coming back for the playoffs after the team said it had medically cleared him. Just 10 games into his return the following season, Rose tore his right meniscus in November 2013 and missed the rest of the season. He had another surgery on his right meniscus in February 2015 as well, bringing his total to three major knee operations.

The Bulls followed a 2015-16 season in which they missed the playoffs by committing to their front office and head coach. Instead, they vowed to make changes within the roster in order to improve the team. Dealing Rose is the most significant move that could’ve been made.

“As we said at the end of last season, we are committed to exploring every option to improve this team,” said Bulls general manager Gar Forman. “This trade is a significant step in that process. Our goal is to get younger and more athletic, and this trade moves us in that direction and allows us to start changing the structure of our team. In Robin Lopez, we are acquiring a starting center who is a good defender, good rebounder, and brings a toughness to our team. Jose Calderon is a proven veteran who can run an offense and knock down threes. Jerian Grant was high on our draft board last year as someone with a great skill set and positional size. All three players are great teammates and have tremendous work ethic, and we are excited to welcome them to the Chicago Bulls organization.”

Rose averaged 16.4 points on 42.7 percent shooting in 2015-’16. Most troubling for the Bulls was that he and All-Star Jimmy Butler never meshed on the floor, as they were both ball-dominant players and sub-par outside shooters.

Rose had one season left on his contract at $21.3 million.

The 23-year-old Grant is the most promising asset the Bulls got back. He was selected 19th overall in the 2015 draft and averaged 5.6 points as a rookie in limited action. He’d been on the Bulls’ radar leading up to the draft but was selected three spots before they took Bobby Portis at No. 22 overall. Grant is under Bulls control through 2019-’20.

The 28-year-old Lopez averaged 10.3 points and 7.3 rebounds last season for the Knicks. His contract runs through 2018-’19, with around $41 million left on it. Lopez’s arrival likely means the Bulls will part ways with Joakim Noah and Pau Gasol.

Calderon, 34, averaged 7.6 points and 4.1 assists last season. He has one year left on his contract at about $7.7 million.

The 27-year-old Holiday averaged 6.5 points for the Bulls after arriving in a midseason trade.

The Bulls hold the No. 14 pick in Thursday night’s draft. It was previously thought they’d look for a guard, though that isn’t such a need with the arrival of two new guards.