Examining Bulls' Salary Cap, Decisions for 2025 NBA Free Agency After Loss to Heat

Though the 2024-25 NBA season was largely meant to be a transition year for the Chicago Bulls, they still made it to the postseason as a play-in team.

Chicago never expected to contend this season, and general manager Marc Eversley spent much of the last year tearing down the roster. DeMar DeRozan was traded in July and Zach LaVine was dealt ahead of the in-season deadline.

Yet, buoyed by Lonzo Ball and Josh Giddey—when both healthy—Billy Donovan's squad still managed to push into the play-in tournament.

Of course, the building portion of Chicago's rebuild is likely to begin, in earnest, this offseason. Now that the Bulls' season is officially over, let's dive into the team's looming cap situation, top contract decisions and potential targets for 2025 free agency, which will begin on July 6.

Chicago's recent cap purge should provide Eversley and executive VP Artūras Karnišovas with a ton of flexibility this offseason. Giddey is set to be a restricted free agent, but the Bulls will have several key contributors under contract, including Ball, Coby White, Nikola Vučević, Matas Buzelis and Zach Collins.

The Bulls should also have the freedom to add another premier player to the mix if they so choose. Chicago is projected to be $59.8 million below the first luxury-tax apron and $71.6 million below the more restrictive second apron.

There's a very real chance that Chicago enters free agency as a top-five team in terms of practical cap space.

Whether Karnišovas and Eversley will cash in that financial flexibility in 2025 is unknown. The three-team LaVine trade brought the Bulls' 2025 first-round pick back to Chicago, and a long-term approach could involve simply building through the draft and preparing for an explosive 2026 offseason.

The Bulls have a decision to make with Giddey, who came on strong late in the season. Chicago opted not to extend the 22-year-old before the October deadline, and it appears that the Bulls never really considered doing so.

ESPN's Brian Windhorst reported after the deadline (h/t Bleacher Report's Doric Sam) that "there was never really any meaningful negotiations there."

According to Joe Cowley of the Chicago Sun-Times, the Bulls backed away because Giddey was looking for an extension in the $30 million-per-year range. Given his recent play, that may now be viewed as a reasonable rate. If Chicago doesn't extend Giddey now, it'll have to deal with him as a restricted free agent.

White is set to be a 2026 free agent and would almost certainly balk at any extension offer Chicago can make under the NBA's 140-percent rule—roughly $18 million annually in White's case—so the Bulls may have to choose between trading him or trying to outbid other teams a year from now.

Additionally, Talen Horton-Tucker and Tre Jones are set to be unrestricted free agents, while Jevon Carter has a player option for the 2025-26 season. Two-way players Emanuel Miller and E.J. Liddell will also be restricted free agents.

If the Bulls allow Giddey to test restricted free agency, they'll have an opportunity to match any offer. If they can't find a price they like, however, they'll need to find a replacement point guard ASAP.

Barring a surprise swing for Kyrie Irving or James Harden—both have player options—the PG market will likely be headlined by the likes of Tyus Jones and D'Angelo Russell.

If Chicago does keep Giddey, it may not be particularly active in what is shaping up to be a fairly underwhelming free-agent market. The Bulls may consider a run at a quality center like Myles Turner, Brook Lopez or Naz Reid (player option). A power forward like Guerschon Yabusele or Chris Boucher could also make some sense.

Given where the Bulls are in the rebuilding process, though, an offseason of relative inactivity feels likely. If Chicago drafts well, continues developing its young talent and takes the proverbial next step next season, opening the contention window by adding a legitimate star in 2026 would be logical.

*Cap and contract information via Spotrac.