Examining Bulls' Salary Cap, Decisions for 2024 NBA Free Agency After Heat Loss

After missing the postseason proper in 2023, the Chicago Bulls returned to playoff basketball via the 2024 play-in tournament.

Back-to-back appearances in the play-in bracket—following a 2020-21 postseason berth—represents some progress for Chicago, which won a mere 31 games in 2020-21. However, the Bulls never felt like a legitimate Eastern Conference threat, despite strong play from the likes of DeMar DeRozan, Zach LaVine, Nikola Vučević and Alex Caruso.

LaVine undergoing season-ending foot surgery in February certainly didn't help Chicago's title hopes.

Head coach Billy Donovan and Marc Eversley have work ahead of them if they hope to make Chicago a powerhouse in 2024-25. Now that the Bulls' season has ended, now is the perfect time to dissect what some of that work will involve.

Below, you'll find a look at Chicago's salary cap outlook, top impending contract decisions and some potential top targets for 2024 free agency.

The Bulls are slated to have 11 players under contract entering the offseason, though Torrey Craig and Lonzo Ball both have player options.

LaVine, Caruso and Vučević are all under contract for the 2024-25 season.

This leaves Chicago facing a projected $71.6 million practical cap deficit. However, the Bulls are projected to be $41.4 million below the luxury tax threshold and $57.2 million below the second apron.

Under the new collective bargaining agreement, teams over the second luxury tax apron will be prohibited from aggregating contracts to trade for a single player, sending out cash in trades, using trade exceptions from previous years, or taking back more salary than it sends in a trade.

The new trade restrictions will go into effect this offseason.

Eversley will have some flexibility when it comes to free agency, though the Bulls probably won't be major players on the open market. They will have the freedom, however, to be active on the trade market.

As LaVine continues recovering, the Bulls may consider moving him. K.C. Johnson of NBC Sports Chicago reported in March that Chicago "will look to trade LaVine again this offseason."

Chicago's decision regarding LaVine could impact more pressing contract decisions, like what to do with DeRozan.

The Bulls can exercise Bird rights to retain DeRozan, and it feels extremely unlikely that they'll let him get away. The 34-year-old stated his interest in returning back in February and reiterated it just before the end of the season.

"This is where I want to be," DeRozan said, per Johnson.

DeRozan has been one of Chicago's most consistent contributors since arriving in 2021, and if he wants to be back, the Bulls are likely to make it happen.

Chicago must also decide what to do with Ball, who hasn't played since 2022 following a knee injury that required multiple surgeries. He has a player option worth $21.4 million, and it would be a huge shock to see him decline it.

The Bulls could hope to see Ball back on the court before his contract runs out, but an extension this offseason is unlikely. Alternatively, Chicago may try to trade away his contract.

According to Johnson, there was some pre-deadline buzz about Chicago using Ball's contract as a salary match.

"Given that insurance is currently paying the bulk of his contract, it's conceivable that Ball is used as a salary-matching addition to any potential trade the Bulls make before the Feb. 8 trade deadline," Johnson wrote in January.

Javonte Green is also an unrestricted free agent, as is Andre Drummond, though Chicago has Early Bird rights with Drummond. Patrick Williams will be a restricted free agent.

The Bulls aren't currently poised to go star-chasing in free agency, though any trade decisions could open things up a bit. As things stand, they should have access to the non-taxpayer's mid-level exception, which will give them some options.

With a roster built to maximize offense, adding some three-point ability would be a good start. Oklahoma City Thunder guard Isaiah Joe would be a terrific option should he become available.

Joe has made an impact in Oklahoma City with his range and consistency. Of course, that's exactly why OKC is likely to exercise its club option with Joe.

A 3-and-D specialist like Taurean Prince of the Los Angeles Lakers or Naji Marshall of the New Orleans Pelicans would also make plenty of sense.

Philadelphia 76ers forward Kelly Oubre Jr. wouldn't provide a ton of consistency from the perimeter, but the 28-year-old emerged as a key role player for the 76ers this past season. Oubre found a knack for making timely plays without taking opportunities away from Philly's biggest stars.

Orlando Magic forward/center Moritz Wagner wouldn't add a ton to the offensive end, but he would provide some quality depth behind Vučević on the interior. The Bulls don't have a lot of size, and the 6'11" Wagner would bring plenty of it.

Of course, Chicago having any shot at Wagner will be contingent on Orlando declining his club option.

The Bulls are likely to continue retooling their fringe playoff roster rather than undergoing a complete rebuild, so some new veteran faces are likely to be in the 2024-25 lineup.

*Cap and contract information via Spotrac.