Cap Watch: Thin Margin, Real Room Coming Next Summer

By the Bulls Nightly Desk · Monday, October 5

The Bulls' payroll of $164.3 million leaves them just under the $165.0 million cap, with the luxury tax, first apron and second apron all well out of reach for now. Real financial flexibility for Chicago arrives next summer, when Isaac Okoro, Jalen Smith and Leonard Miller's contracts clear the books.

Bulls Nightly artwork — Illustration by Hoops Nightly.

The Bottom Line. Chicago's payroll is $164.3 million across 14 contracts, just under the $165.0 million salary cap. The luxury tax begins at $200.4 million, the first apron at $209.0 million, and the second apron at $221.7 million. None of those thresholds are anywhere close to being tested.

Top Five Deals. Josh Giddey leads the books at $25.0 million, with Nic Claxton behind him at $23.1 million. Norman Powell comes in at $21.5 million, Patrick Williams at $18.0 million, and Isaac Okoro at $11.8 million. Those five account for more than half the total payroll.

Options On The Table. Three deals carry options for 2027-28. Powell's deal turns into a $22.6 million team option, Buddy Hield holds a $10.1 million player option, and Tre Jones carries an $8.0 million team option. All three decisions belong to the front office before next season begins.

What Comes Off. Okoro, Jalen Smith and Leonard Miller are not on next season's books — their current deals run out after this year. That trims three salaries, including Okoro's $11.8 million, off the 2027-28 ledger before Chicago makes a single move.

Picks In The Bank. Chicago owns its own first-round pick in 2027, 2028, 2029 and 2030, with second-round swaps built into 2028 and 2030. The one pick already gone is the 2027 second-rounder, owed to Oklahoma City.

The Real Flexibility. Being under the cap sounds like freedom, but 14 contracts already fill most of the roster spots the Bulls need. Real spending power shows up only when Okoro, Smith and Miller's money clears next summer, not before.

On deck The next real test of this number comes with the regular-season opener October 21 at Toronto, when actual games start counting against the thresholds that have only mattered on paper so far.

Are the Bulls over the salary cap?

No. Chicago's payroll is $164.3 million, just under the $165.0 million cap, with the luxury tax line at $200.4 million far out of reach.

Which Bulls contracts have options for 2027-28?

Norman Powell has a $22.6 million team option, Buddy Hield holds a $10.1 million player option, and Tre Jones carries an $8.0 million team option.