The present hasn't been too kind to the Chicago Bulls, so they are going to celebrate their storied past.

Chicago announced it is establishing a Ring of Honor for the franchise, and there are unsurprisingly some notable names who will be inducted into the initial class. Michael Jordan, Scottie Pippen, Phil Jackson and Dennis Rodman are among those who will be recognized for their greatness.

What's more, the 1995-96 team that won a then-record 72 games and a fourth championship in six years will be honored.

Chicago Bulls @chicagobulls

Legends are FOREVER.<br><br>Introducing the inaugural Ring of Honor class:<br><br>Jerry Sloan, Bob Love, Michael Jordan, Scottie Pippen, Toni Kukoč, Chet Walker, Artis Gilmore, Dennis Rodman... (cont.) <a href="">

Chicago Bulls @chicagobulls

And finally, the 1995-96 Chicago Bulls - the team who went 72-10 and won the 1996 NBA Championship. <a href="">

Golden State Warriors head coach Steve Kerr was a member of that team and will be in attendance since the Bulls are recognizing the inaugural class on Jan. 12 during the team's game against the Warriors.

K.C. Johnson of NBC Sports Chicago noted there will be a halftime ceremony in addition to a private gala the night before for those who are inducted.

According to Johnson, the Bulls will induct a new class every two years. Players must meet various criteria, including having spent at least three seasons with the Bulls and being retired for at least three years.

They also "must have demonstrated high character and integrity both on and off the court and throughout their playing career and retirement."

While the Bulls haven't won a single playoff series since 2015, they were the gold standard of the sport in the 1990s with six championships across eight years. Jordan is arguably the greatest player in NBA history and was surrounded by some of the most famous names to ever take the court or roam the sidelines in Pippen, Rodman and Jackson.

It comes as no surprise the key figures of that stretch of dominance will be some of the first ones recognized by the franchise.