Cap Watch: The Bulls Are Paying to Start Over

By the Bulls Nightly Desk · Sunday, October 11

The Bulls carry a $164.3 million payroll, just under the $165.0 million cap and nowhere near the $200.4 million tax line. The bill is still mostly short-term, with three option decisions already sitting on next year's ledger.

Bulls Nightly artwork — Illustration by Hoops Nightly.

Payroll sits near the cap. Chicago's $164.3 million payroll lands just under the $165.0 million salary cap, with real distance to the $200.4 million luxury tax and the $209.0 million and $221.7 million apron lines. That is flexibility on paper, but the roster is already full at 14 contracts.

Giddey tops the sheet. Josh Giddey's $25.0 million is the largest number on the Bulls' books for 2026-27, ahead of Nic Claxton's $23.1 million. Giddey, 24, is the engine of the offense Bryson Graham's front office is building around.

Claxton's price tag. Nic Claxton's $23.1 million salary arrived this offseason in a trade that made him the second-biggest number on the roster, behind only Giddey. The deal is still team-friendly long term: his salary actually drops to $20.9 million for 2027-28, and stays fully guaranteed either way.

Powell's new deal. Norman Powell signed for $21.5 million this season, with a $22.6 million team option attached for 2027-28. That option belongs to Chicago, not Powell — the front office decides next summer whether to keep him at that price or let him walk.

Homegrown money. Patrick Williams ($18.0 million) and Isaac Okoro ($11.8 million) round out the top five contracts on the roster, the clearest sign of which homegrown pieces this front office is paying to keep rather than trade away.

Next summer's decisions. Three contracts carry options into 2027-28: Powell's $22.6 million team option, Buddy Hield's $10.1 million player option, and Tre Jones's $8.0 million team option. All three stay unresolved until next offseason.

Picks still in hand. Chicago owns every one of its own first-round picks through 2030 and owes only a 2027 second-rounder, to Oklahoma City. The 2028 and 2030 seconds are swaps, not outright losses — the draft capital is mostly intact.

On deck The Bulls close the preseason at the Bucks on October 14 and host the Timberwolves on October 16 before the regular-season opener at the Raptors on October 21.

Are the Bulls over the luxury tax?

No. Chicago's $164.3 million payroll is under the $165.0 million salary cap and well below the $200.4 million tax line.

What is the Bulls' biggest contract?

Josh Giddey, at $25.0 million for 2026-27, followed by Nic Claxton at $23.1 million.