Cap Watch: Room Under the Cap, Two Options Ahead

By the Bulls Nightly Desk · Sunday, September 27

Chicago's payroll sits at $161.5 million against a $165.0 million cap, far below the $200.4 million tax threshold and nowhere near either apron. Real flexibility opens up next summer as several contracts come off the sheet, while a same-day trade report involving Rob Dillingham remains unconfirmed.

Bulls Nightly artwork — Illustration by Hoops Nightly.

Where it stands. Chicago's payroll sits at $161.5 million against a $165.0 million salary cap, leaving the team under the cap rather than up against it. The $200.4 million tax threshold, the $209.0 million first apron and the $221.7 million second apron are all a long way off.

The five biggest deals. Josh Giddey tops the payroll at $25.0 million. Nic Claxton comes next at $23.1 million, followed by Norman Powell's $21.5 million, Patrick Williams' $18.0 million and Isaac Okoro's $11.8 million.

Money coming off. Isaac Okoro's $11.8 million, Jalen Smith's $9.4 million and Leonard Miller's $2.4 million all disappear from the sheet after this season — none of the three shows up on the 2027-28 numbers. That's the flexibility this front office is banking on.

Two options loom. Norman Powell holds a $22.6 million team option for 2027-28, and Tre Jones holds one too, at $8.0 million. Both calls wait until next summer, and both will shape next year's number more than anything signed this month.

Camp additions, no cost. Marquel Sutton, Orlando Robinson, Drew Peterson and Brandon Boston all joined the roster today, and the $161.5 million payroll figure held steady. These are camp-level fill-ins, not moves that change the math.

Dillingham report, unconfirmed. ESPN, the Chicago Sun-Times and Hoops Rumors all reported the same day that Chicago is sending Rob Dillingham to the Hornets for Buddy Hield. Dillingham is owed $6.9 million this season and $8.8 million next — nothing has been made official.

Picks mostly intact. Chicago owns its own first-round pick every year through 2030, owing only its 2027 second-rounder, to Oklahoma City. The 2028 and 2030 second-rounders are swaps, and no pick has been moved for immediate help this offseason.

On deck The preseason opens October 7 against the Suns, with the Dillingham-for-Hield report still unresolved and the camp roster still being set before the October 21 opener at the Raptors.

How much cap space do the Bulls have?

Chicago's payroll is $161.5 million against a $165.0 million cap, putting the team under the cap and far below the $200.4 million tax threshold.

Which Bulls contracts have team options for 2027-28?

Norman Powell has a $22.6 million team option and Tre Jones has an $8.0 million team option, both for the 2027-28 season.