Cap Watch: Plenty of Room, Two Options Looming

By the Bulls Nightly Desk · Thursday, September 24

The Bulls are carrying a $161.5 million payroll against a $165.0 million cap, well below the $200.4 million luxury tax line and both aprons. Five contracts anchor the books, three cheaper deals are set to come off after this season, and Chicago still owns every first-round pick from 2027 through 2030.

Bulls Nightly artwork — Illustration by Hoops Nightly.

The top-line number. Chicago's payroll comes in at $161.5 million against a $165.0 million cap, putting the Bulls under the cap line entirely. The luxury tax line is $200.4 million, the first apron $209.0 million and the second apron $221.7 million — three thresholds nowhere near this roster.

Five contracts anchor it. Josh Giddey leads the books at $25.0 million, followed by Nic Claxton at $23.1 million, Norman Powell at $21.5 million, Patrick Williams at $18.0 million and Isaac Okoro at $11.8 million. Those five account for the bulk of the payroll; everyone else is on a rookie-scale or mid-size deal.

Two team options loom. Powell's deal runs through 2027-28 at $22.6 million on a team option, and Tre Jones carries an $8.0 million team option the same season. Both decisions land before the numbers Chicago is working with next summer take shape.

What comes off the books. Okoro's $11.8 million, Jalen Smith's $9.4 million and Leonard Miller's $2.4 million do not appear on the 2027-28 cap sheet, all three set to come off after this season. That leaves the front office room to work with once free agency and extensions arrive.

Draft capital intact. The Bulls own their first-round picks in 2027, 2028, 2029 and 2030, along with their 2029 second-round pick. The 2027 second-rounder is owed to Oklahoma City, and the 2028 and 2030 second-rounders are swaps.

The bigger picture. Rookie-scale deals for Matas Buzelis ($5.7 million), Noa Essengue ($5.7 million) and Dailyn Swain ($5.0 million) keep the young core cheap for now. Between the room under the cap and picks in hand every year through 2030, Chicago has the flexibility to add without gutting what it just built.

On deck No cap decisions are immediate with camp not yet open; the Powell and Jones team-option calls come due beyond next season, past the October 21 opener at the Raptors.

Are the Bulls over the salary cap this season?

No. Chicago is carrying $161.5 million against a $165.0 million cap, far below the $200.4 million luxury tax line.

Do the Bulls control their own draft picks?

Mostly. They own their first-round picks in 2027, 2028, 2029 and 2030, but owe their 2027 second-round pick to Oklahoma City.