Cap Watch: Room to Spare, No Pressure to Spend

By the Bulls Nightly Desk · Thursday, September 17

Chicago's payroll sits comfortably below the salary cap and nowhere near the luxury tax or either apron. The roster's five biggest contracts are locked in through at least 2026-27, and the draft capital stays mostly in house through 2030.

Bulls Nightly artwork — Illustration by Hoops Nightly.

The bottom line. Chicago carries $161.5 million in salary against a $165.0 million cap, leaving real room before the tax kicks in at $200.4 million. The first apron sits at $209.0 million, the second at $221.7 million, numbers this roster isn't within shouting distance of.

Five contracts carry the weight. Josh Giddey ($25.0M), Nic Claxton ($23.1M), Norman Powell ($21.5M), Patrick Williams ($18.0M) and Isaac Okoro ($11.8M) account for nearly two thirds of the payroll. Everyone else on the 14 man books is making single digit millions, which is how a rebuilding roster keeps things clean.

Powell's option looms. Powell's contract carries a $22.6 million team option for 2027-28, a decision Chicago won't have to make until next summer, when his age-34 season and Giddey's next raise both come into view.

Jones is cheap insurance. Tre Jones is signed for $8.0 million in 2026-27 with a team option at the same number for 2027-28, a bargain if he keeps starting caliber minutes at backup point guard prices.

Picks stay in house. Chicago holds its own first-round picks in 2027, 2028, 2029 and 2030, giving up only the 2027 second-rounder, owed to Oklahoma City, plus swap rights on the 2028 and 2030 seconds. That's rare stability for a team still finding its identity.

Next year's core holds. The 2027-28 sheet already shows Giddey at $25.0 million, Claxton down to $20.9 million and Williams still at $18.0 million, with Caleb Wilson's rookie deal climbing to $11.2 million. Buzelis, at $7.6 million, remains one of the cheapest building blocks on the roster.

Nothing forces a move. With no apron restrictions and cap space rather than a tax bill to manage, nothing on the books requires a trade this season. The math gives Splitter's staff time to let Giddey, Buzelis and Claxton develop before any real decision on the roster's shape.

On deck The next real cap decision doesn't arrive until next summer, when Powell's $22.6 million option and Jones's $8.0 million option both come up for 2027-28. Preseason opens October 7 against the Suns, with the regular season starting October 21 at Toronto.

Are the Bulls over the salary cap?

No. Chicago's payroll is $161.5 million, below the $165.0 million cap and far under the $200.4 million luxury tax.

How many first-round picks do the Bulls control?

Chicago owns its first-round picks outright in 2027, 2028, 2029 and 2030; only a 2027 second-rounder is owed elsewhere, to Oklahoma City.