NBA free-agency began at 5 p.m. Monday. The Bulls might be active, but they will also be limited by just one vacant roster spot and no money to spend under the salary cap.
The transaction everyone expects at some point is the Bulls agreeing to a new deal with restricted free agent Josh Giddey. If they can't work something out, Giddey could sign an offer sheet from another team, which the Bulls could then match, or sign a one-year qualifying offer and become an unrestricted free agent in 2026.
Go ahead and put the odds of Giddey sticking with the Bulls at about 99%. He had a strong finish to last season, averaging 21.2 points, 10.7 rebounds and 9.3 assists.
Once Giddey re-signs, the Bulls will have no cap space, but will be able to use the non-taxpayer mid-level exception, which is expected to be around $14.1 million.
So the Bulls have the means to add one significant free-agent this summer. Their greatest need is any sort of shot-blocker, but those are usually in high demand. The Bulls could look at bringing back guards Tre Jones or Talen Horton-Tucker. At this point, second-round pick Lachlan Olbrich seems more likely to sign a two-way deal.
To make a big splash, the Bulls would need to make a trade. They have a large number of expiring contracts that could be attractive to other teams if attached to future draft picks. Keep in mind, a better time to make a trade might be at the deadline next February.
There aren't many big names expected to hit the open market this summer. Topping the list right now are veteran centers like Milwaukee's Brook Lopez, Atlanta's Clint Capela or Indiana's Myles Turner. A couple players who agreed to buyouts this week to become free agents are Portland center DeAndre Ayton and Utah guard Jordan Clarkson. The Bulls have been rumored to have interest in Golden State restricted free-agent forward Jonathan Kuminga in the past.
There also are not many teams under the salary cap, with Brooklyn having the most to spend.