The Chicago Bulls have been playing the long game for a while now - and not the flashy kind. Patience has been the theme, with the front office keeping its powder dry, avoiding major trades or free-agent splashes in favor of preserving flexibility.
But in the NBA, standing still only works for so long. And with seven expiring contracts on the books, the winds of change are finally picking up in the Windy City.
A Roster Ready for Rebuild - or Redirection
Let’s start with the obvious: seven expiring deals means the Bulls are staring down a summer of decisions. Realistically, three or four of those players probably won’t be back. That opens the door for a significant roster overhaul, whether by design or necessity.
Ayo Dosunmu and Coby White look like safe bets to stick around. Both have shown growth and provide value on manageable contracts.
There’s also a chance the Bulls retain one of Zach Collins or Kevin Huerter, depending on how the offseason market shakes out. But beyond that?
It’s wide open.
At least one of those open spots will be filled by the Bulls’ upcoming first-round draft pick. But the rest?
That’s where things get interesting - and a bit unpredictable. Free agency looms large, but the 2026 class isn’t exactly brimming with franchise-changers.
A Free-Agent Class Light on Firepower
This summer’s free-agent market is, to put it kindly, underwhelming. LeBron James headlines the class, but at this stage in his career, he’s more symbolic than strategic for a team like Chicago. Kristaps Porzingis, Anfernee Simons, John Collins, Norman Powell, Quentin Grimes, and Cam Thomas round out the top names - solid players, but not necessarily the kind that shifts a franchise’s trajectory.
That makes the Bulls’ path forward more complicated. They’ve got cap space to work with, but spending big just to spend isn’t the answer. That’s where restricted free agency enters the conversation.
Rolling the Dice on Restricted Free Agents
Restricted free agency is a gamble - and not the kind teams love to take. Offer sheets can be matched, and while they don’t lock up cap space, they do carry the risk of striking out if multiple targets stay put. But if the right player hits the market, it can be a calculated risk worth taking.
Enter Peyton Watson.
The Peyton Watson Breakout
Watson’s not just a name to watch - he’s a player who’s forcing his way into the conversation. The 23-year-old wing is in the middle of a breakout season, averaging 14.0 points, 5.0 rebounds, 1.8 assists, 1.0 steal, and 1.0 block per game. And he’s doing it efficiently, shooting 50.4% from the field and 40.3% from deep.
But it’s what he’s done in January that really turns heads. With Nikola Jokić sidelined, Watson has stepped up in a big way, averaging 21.9 points, 6.0 rebounds, 1.9 assists, 1.2 steals, and 1.3 blocks - all while maintaining near-50% shooting from the field and an eye-popping 44.6% from three.
He’s not just filling in; he’s thriving. And in a loaded Denver rotation, he’s arguably been the second-best player behind Jokić this month.
So why would Denver even consider letting him go?
Denver’s Cap Crunch Could Be Chicago’s Opportunity
It all comes down to money. Denver’s projected salary cap situation for next season is tight - sixth-highest in the league, with their starting five alone projected to cost $187 million. That’s $21 million over the cap, and dangerously close to the league’s second-apron threshold, where punitive luxury tax penalties kick in.
The Nuggets have publicly said they want to keep Watson, but that could be deadline-season posturing. They’ve already committed $125 million to Christian Braun, and with other key players locked into big deals, Denver may not be able to justify matching a steep offer sheet.
That’s where Chicago could pounce.
With cap space to play with and a need for young, ascending talent, the Bulls could make a bold move - say, a $25-30 million annual offer sheet - that forces Denver into a tough decision. It’s a big number for a player with only half a season of breakout production, but it’s also the kind of swing that could finally give the Bulls’ long-term plan some real momentum.
The Bottom Line
Chicago’s been patient, maybe to a fault. But this summer presents a rare opportunity to pivot without abandoning the flexibility they’ve worked so hard to preserve. With expiring contracts, cap space, and a shifting market, the Bulls are positioned to make a move that actually moves the needle.
If Peyton Watson is available - and if the Bulls are willing to bet on his upside - this could be the offseason where Chicago stops waiting and starts building.