Chicago Bulls' Salary Cap Outlook and Free Agency Speculation for the 2023-2024 Season
A look at where the Bulls stand financially heading into Free Agency
FREE AGENCY
Brodie Larsh
6/26/20233 min read
Projected NBA Salary Cap: $136 Million
Projected NBA Luxury Tax : $182 Million
Bulls Potential Cap Space: $24 Million
Bulls Likely Cap Space: $0 (over the cap)
Non-Taxpayer MLE: $12.4 Million
Minimum contracts: 953K-2.72 Million
Free Agency Prediction: Bulls resign Vucevic, match offers on Coby White and Ayo Dosunmu and use the MLE to bring in a veteran Point Guard and add Wing depth via minimum contracts.
The Bulls seem very likely to resign a few of their own free agents, leaving them with only the Non-Taxpayer Mid Level Exception (MLE) and minimum level contracts to use on external players. The MLE can be used all on one player, or divided into multiple contracts. Barring any trades, the key for the Bulls will be retaining their current free agents without exceeding $169 million in salaries, leaving them with the option to use the full MLE without going into the Luxury. The Bulls notoriously won’t go over the Luxury tax threshold, unless they’re viewed as a favorite to contend for a championship.
Let's take a closer look at the Bulls' current guaranteed salary breakdown:
Zach LaVine: $40 million
DeMar DeRozan: $28.6 million
Lonzo Ball: $20.5 million
Patrick Williams: $9.8 million
Alex Caruso: $9.5 million
Dalen Terry: $3.4 million
The Bulls' total guaranteed salary obligation amounts to roughly $112 million.
Potential Player Options:
Andre Drummond holds a player option worth $3.6 million. Additionally, the Bulls have two players with non-guaranteed contracts: Carlik Jones ($1.9 million) and Marko Simonvic ($1.8 million).
If Drummond opts in and the Bulls retain Jones and Simonvic without waiving them, their projected salary obligation would be around $119 million, leaving approximately $17 million in cap space.
*This calculation does not include their recent draft addition, Julian Phillips, or undrafted signee, Adama Sanogo.
Speculation around Internal Free Agents:
The Bulls' current free agents include Nikola Vucevic, Coby White, Ayo Dosunmu, Patrick Beverley, and Derrick Jones Jr.
Nikola Vucevic is definitely the biggest name and Its being reported that the Bulls are interested in re-signing him with the contract potentially in the range of 3 years and $65 million. At around $22 million per year, it would instantly put the Bulls over the Salary Cap. Involving Vucevic in a Sign and Trade remains a possibility as well, as his reliability, durability and versatility remain highly valuable around the league.
Coby White is a restricted free agent with a qualifying offer around $7.7 million. He could play for that amount, sign an extension with the Bulls, or he has the option to find an offer from a different team, with the Bulls having the option to match it. It will be interesting to see what kinds of offers he receives on the open market, as he’s shown flashes of great basketball and improvement over the last season. As a young combo/scoring/point guard, I'm curious to see how his contract compares to a veteran like D'Angelo Russell.
Ayo Dosunmu is also a restricted free agent with a qualifying offer of approximately $5.2 million. Its been speculated they bring him back on a 2-3 year contract around $5 Million/per.
Patrick Beverly is an Unrestricted Free Agent, and it remains to be seen what types of offers he can expect. He’s been quoted as saying he expects somewhere in the range of $13-$15 million.
Derrick Jones Jr, according to reports, recently stated he plans to decline his player option of $3.3 million to return to the Bulls for next season. Its unclear if he would be open to returning to the Bulls if he were offered a longer or more lucrative deal.
Conclusion:
As the Chicago Bulls approach the 2023-2024 NBA season, they face crucial financial decisions in free agency. With the projected salary cap and luxury tax threshold in mind, the team must carefully navigate re-signing their free agents while fully utilizing the Non-Taxpayer MLE. Stay tuned to our blog for updates on the Bulls' free agency moves and how they shape the team's future for the upcoming season.