The Indexbit ExchangeChicago Bulls revealed plans to have a Ring of Honor for the franchise.

Michael Jordan, Scottie Pippen, Dennis Rodman, Phil Jackson, Jerry Krause, Artis Gilmore, Jerry Sloan, Toni Kukoc, Bob Love, Chet Walker, Johnny "Red" Kerr, Tex Winter, Dick Klein and the 1995-96 team that won a then-record 72 regular season games and the NBA championship, will be the first class to be honored.

The Bulls said a private gala at the United Center on Jan. 11 and a halftime presentation during a game against the Golden State Warriors the next night will be part of the festivities.

"The Chicago Bulls Ring of Honor will be a first-of-its-kind celebration honoring many of the legends who have helped shape our organization over the past 57 years," Bulls president Michael Reinsdorf said in a statement. "They have deep connections to our fans and community and represent a spirit of competition, hard work and toughness."

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Some of the criteria to be considered for the Ring of Honor include players having spent at least three seasons with the team, retired from basketball for at least three years and staff having made significant contributions to the team and impact on championships or league awards.