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CHICAGO BULLS: state of the franchise

State of the Franchise

Projected Cap Space (before luxury tax): $15.8 million

Background: “Holding onto his knee… holding onto his knee… and down!” That line resonated in Bulls fans just as much as when Michael Jordan himself stated “I’ve reached the pinnacle of my career, and I just don’t feel that I have anything left to prove.” Of course, superstar PG Derrick Rose, like Jordan, did return. This season, Rose is putting together his first fully healthy campaign since the 2011-2012 season, where he set the record for the youngest player to ever be named MVP at just 22 years old. Now, Rose returns to a star-studded team, including new addition and All-Star starter PF Pau Gasol, SG Jimmy Butler who is putting together a career year, defensive anchor C Joakim Noah, and more. In addition, playing in a weak Eastern Conference makes the Bulls’ chances of going all the way this year that much higher. But it all hinges on the big question: can Derrick Rose become his MVP-self again, or will his injury still limit him? The jury is still out on that one, and the Bulls clearly hope that it’s the former if they want to capture their first title since His Airness himself was running the show.

Current Financial State: This one all hinges on another big question: “How much will Jimmy Butler cost?” Negotiations for an extension between Butler and the Bulls before the season were in the $12 million range, but the Bulls ultimately turned down all offers, wanting Butler to prove his value on the court and then sign him as a free agent this offseason. Oops. As Butler pads his value game by game en route to by far the best season of his career, the Bulls’ front office can only watch in regret as it prepares the papers for a max contract. For Butler, that max contract would be in the range of 4 years/$70 million, exactly the same deal that Klay Thompson got with the Golden State Warriors. However, since Butler is restricted, this relies on other teams giving him offers. Assuming the Bulls have to cough up $64 million over 4 years, that would bring their payroll up to at least $77.7 million for next year. This is an issue, because that would just barely cross the  luxury tax threshold at $76.8 million. The Bulls must turn to the trade market if owner Jerry Reinsdorf does not want to pay a hefty luxury tax bill.

Targets: Obviously, the Bulls will not want to trade away one of their key pieces just to get under the luxury tax line. However, trading away benchwarmers for cap relief will not work as they are all under expiring contracts anyways. SG Kirk Hinrich is the least utilized player under contract next season, so dealing him away for an expiring contract makes sense. Hinrich has a fairly reasonable $2.9 million player option next season, but that is simply too much money for Chicago. Dealing him to a team like the Memphis Grizzlies, who could use his shooting, would make sense. In turn, Memphis would likely send G Nick Calathes and his expiring contract to the Windy City. This swap barely affects the Bulls, as Calathes and Hinrich play the same position and Calathes is almost as good. In this situation, the Bulls could re-sign Calathes to a small, $1 million contract at season’s end and could also match all offers for Jimmy Butler -- all while Reinsdorf is keeping his wallet that much fatter. However, the Bulls are already lacking depth on the wing and three point shooting as it stands, and dealing Hinrich certainly doesn’t help that cause. Enter SF Kyle Singler. The Duke product is averaging 1.5 threes per game for the Detroit Pistons. He is a free agent at season’s end, so Chicago could take a run at him there. However, if they want immediate impact this season, they could potentially package rarely-used SG E’Twaun Moore and a second rounder or two to get Singler’s services. However, most of the Bulls’ growth must come internally, and it all starts with Derrick Rose’s ACLs. 

The Fit: G Nick Calathes will not play a major role for Chicago, as PG Aaron Brooks and SG/SF Mike Dunleavy are backing up Rose and Butler in the backcourt. However, the Bulls are not concerned with this as their motivation for the Hinrich for Calathes swap is purely financial. Kyle Singler, on the other hand, will be in a stiff competition for minutes at SF with Dunleavy and rookie Doug McDermott. Singler is sure to carve out a role for himself in some capacity, however, as he would bring a fantastic three point stroke to a team that could use some more perimeter threats, especially if Hinrich were to be traded. Currently averaging 23 minutes and 1.5 threes per game to go along with a blazing-hot 42.3% clip from beyond the arc with the Pistons, Singler is sure to be a nice addition for the Bulls.
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