NEWSLETTER
The Chicago Bulls have their fair share of contracts to sign (or, uh, not sign) this offseason.
While the organization may not have that much wiggle room, they do have some big-time decisions to make after an underwhelming season. Likewise, there are a couple of players on the team who still have to officially determine their own destiny.
With the NBA Finals wrapping up soon and a new league year almost upon us, I thought we’d go over all the key dates to watch over the next month. Mark your calendars!
Extension Deadlines
June 30 – Nikola Vucevic
The Chicago Bulls will have until the end of June to reach an agreement on a contract extension with Nikola Vucevic. If they do not come to terms, Vucevic will officially hit unrestricted free agency as one of the top big men on the market next to possible Milwaukee’s Book Lopez and Toronto’s Jakob Poeltl.
To be clear, the Bulls can still re-sign Vucevic using his bird rights in free agency to a lucrative multi-year deal. The purpose of getting it down before June 30th, however, would be to avoid allowing 29 other organizations to enter the conversation. Whether it be a cap space team or someone interested in a sign-and-trade, they could always pry Vucevic away from Chicago.
More on Vucevic’s ongoing contract talks with Chicago and why re-signing may be their best option here:
Oct. 17 – Patrick Williams
Starting in July, players selected in the 2020 NBA Draft will be eligible for a rookie scale extension. This means that the Chicago Bulls can hand No. 4-overall pick Patrick Williams a fresh deal that could stretch as far as five seasons.
If they are unable to reach terms with Williams prior to the official start of the NBA season on Oct. 18, he will officially head into the 2024 offseason as a restricted free agent. The Bulls can then make him a qualifying offer and either re-sign him or wait for a team to submit an offer sheet. They would then have to match that offer sheet or let him walk.
We just watched a similar situation play out with Coby White. The organization chose not to hand him a new deal before this season, which will now lead to him hitting restricted free agency in July. For now, though, the popular opinion is that Chicago will keep White after arguably his most well-rounded season yet.
Qualifying Offers
June 23 – Ayo Dosunmu
If the Chicago Bulls want the chance to match any offer sheets that come Ayo Dosunmu’s way, they will have to submit him a qualifying offer by June 23. Dosunmu originally joined Chicago as a second-round pick on a two-year contract. His QO this summer will be valued at $5.2 million, per Spotrac.
My best guess would be that Dosunmu returns to Chicago on a multi-year deal that is either worked out between the two parties or matched in free agency. The other – more unlikely – option would be that Dosunmu does play the season on the QO after a free-agent market fails to materialize.
June 30 – Coby White
The Chicago Bulls will have until the final day of the month to extend Coby White his qualifying offer. As mentioned above, White put together one of the best two-way seasons of his young career. With that being the case, common speculation is that the Bulls will either reach a new deal with White using his bird rights or at least match an offer sheet submitted by another front office.
With a glaring hole at point guard and an obvious need for 3-point shooting, White feels like a safe choice to return. White’s QO would be worth $7.7 million, but he should be on track for a considerably higher AAV on his next deal.
June 29 – Justin Lewis, Terry Taylor
The Chicago Bulls can extend qualifying offers to both Justin Lewis and Terry Taylor up until June 29. Both QO’s would be for $1.7 million and provide an option to return to the team on a two-way contract.
Note: If a team does not extend a QO, that player becomes an unrestricted free agent.
Player Options
June 24 – Derrick Jones Jr.
Versatile forward Derrick Jones Jr. must formally alert the Bulls by June 24 if he plans to opt into the final year of his contract. Jones Jr. is set to make roughly $3.4 million if he decides to stay one final year with the Bulls before hitting the unrestricted free-agent market in 2024.
After playing in 64 total games last season and averaging 14.0 minutes per contest, Jones Jr. said he does plan to stay with Chicago. More on that here:
June 29 – Andre Drummond
Big man Andre Drummond has until June 29 to exercise his player option for the 2023-24 season. If he does so, he’ll return to the Bulls on an estimated $3.4 million deal. If he opts out, he can hit free agency as an unrestricted free agent.
Drummond appears set to opt in and play out his full contract. But don’t take my word for it …
Guarantees
July 7 – Marko Simonovic
The Chicago Bulls will have until the first week of July to decide whether they want to continue the Marko Simonovic experiment. Drafted with the 44th pick in the 2020 NBA Draft, Simonovic came from overseas during the 2021 offseason and signed a three-year, $4.3 million deal. The third year is non-guaranteed at $1.8 million.
Considering he’s appeared in just 16 total games during his two full seasons with the Bulls, clocking no more than a total of 55 minutes on the floor … the Bulls would be silly to guarantee that final year. After all, there are several clear holes on this roster. No longer having Simonovic taking up a full-time roster spot could help them make the most of this offseason.
Opening night – Carlik Jones
Carlik Jones has been a great story. The 25-year-old is fresh off a year where he dominated the G-League and took home an MVP award. Chicago rewarded him for his efforts with the Windy City Bulls by signing him to a full-time roster spot after the departure of Goran Dragic in early March. Technically, Jones signed a three-year deal worth $4.3 million, but both the 2023-24 and 2024-25 seasons are non-guaranteed.
As needy as the Bulls are at point guard, it’s unclear if they view Jones as a viable depth option. If they want to test it out, Jones will be owed $250,000 on opening night. The deal will then become fully guaranteed for the season ($1.9 million) on Jan. 10, 2024.
H/T Spotrac for contract details
