The Bulls carry $164.3M in payroll, a hair under the $165.0M cap and nowhere near the $200.4M tax line. The real leverage comes next summer, when three options and a handful of expiring deals decide how much room this front office actually has.
Under the cap, barely. Payroll is $164.3M against a $165.0M cap. That is not room to sign anybody of note. The sheet just happens to land under the line. The tax sits at $200.4M, the first apron at $209.0M and the second at $221.7M. None of those come into play for a 1-3 team.
Giddey sets the top. Josh Giddey is the biggest number on the books at $25.0M, and he makes the same $25.0M next season. For the guard running the offense, that price works if he plays like the centerpiece. If he does not, it is the contract every trade call starts with.
Paying Claxton to sit. Nic Claxton makes $23.1M this season and drops to $20.9M next season, and he has not played a regular-season minute. A hamstring has him sidelined, with a target return of Nov. 4. Chicago brought him in from Brooklyn to anchor the defense. Right now the second-biggest salary on the roster is in street clothes.
Options are the leverage. Norman Powell earns $21.5M and carries a $22.6M team option for 2027-28. Tre Jones has an $8.0M team option, and Buddy Hield holds a $10.1M player option. The Bulls control two of those three calls, and that is the most useful flexibility they have.
What comes off. Isaac Okoro at $11.8M, Jalen Smith at $9.4M and Leonard Miller at $2.4M do not appear on next season's sheet. Patrick Williams stays at $18.0M both years. That matters, because the fourth-largest deal on the team belongs to a forward listed day-to-day with a right groin problem.
Young money locked. The cheap end of the roster holds the real value. Caleb Wilson, the No. 4 pick, makes $10.7M now and $11.2M next season. On Oct. 20 the Bulls exercised 2027-28 options on Matas Buzelis and Noa Essengue, at $7.6M and $6.0M. Dailyn Swain, the No. 15 pick, is at $5.0M.
Picks intact. Chicago owns its own first-rounder in 2027, 2028, 2029 and 2030. The 2027 second goes to Oklahoma City, and the 2028 and 2030 seconds are swaps. A 1-3 start projects to 21-61, and at that rate the 2027 first is the most valuable thing this franchise holds. It should not be on the table.
Are the Bulls over the luxury tax in 2026-27?
No. Payroll is $164.3M, which is under both the $165.0M salary cap and the $200.4M tax line.
Do the Bulls own their own first-round picks?
Yes. Chicago owns its first-round pick in 2027, 2028, 2029 and 2030, while its 2027 second-rounder is owed to Oklahoma City.
