It looked like the plan for the Chicago Bulls entering this cycle of free agency was to see what sign-and-trade deals could be available for restricted free agent fourth-year power forward Lauri Markkanen. But most of the potential landing spots that seemed likely for Markkanen this offseason a few months ago found other players to sign in free agency this week.
There was a point in time in which the Bulls looked to have a potential trade partner for a sign-and-trade deal with the Charlotte Hornets. On Aug. 4 and 5, the Hornets started to look like a viable destination for Markkanen, as one of the few teams remaining with enough cap space to sign him.
But the Hornets wound up using most of the rest of the cap space available to sign the former Golden State Warriors wing Kelly Oubre Jr. on Aug. 5. The Hornets signed Oubre on a two-year deal worth a total of around $26 million.
That is likely the range that Markkanen was looking at this point, especially how much the market of viable suitors for him has really died down the past 48 hours. Quick moves made by most viable teams he could’ve landed with this week dried up the market for him in the blink of an eye.
Free agent Kelly Oubre Jr. has agreed to a two-year, $26M-plus deal with the Charlotte Hornets, sources tell @TheAthletic @Stadium.
— Shams Charania (@ShamsCharania) August 6, 2021
So much for the Hornets giving Lauri Markkanen an offer sheet. Looks like Markkanen & his reps will have to look at sign & trade options or reconsider playing next season with the Bulls on the qualifying offer of just over 9 million.
— Mark Schanowski (@MarkSchanowski) August 6, 2021
Market really dried up for Chicago Bulls PF Lauri Markkanen
The possibility now exists that Markkanen might be forced to sign a qualifying offer with the Bulls, which would keep him around in Chicago for just over $9 million annually. Although, he likely wouldn’t be willing to sign a deal for any longer than one year if his next salary is in the eight figures.
That would still be good value for the Bulls to get Markkanen back on. Considering the Bulls don’t have a whole lot of cap space remaining, but some needs remaining to fill out the bench, bringing Markkanen back sounds pretty good now.
Executive vice president of basketball operations Arturas Karnisovas and general manager Marc Eversley were really busy this offseason on the free agent market. Karnisovas and the Bulls pulled off big-time sign-and-trade deals to land the likes of the former New Orleans Pelicans restricted free agent point guard Lonzo Ball and former San Antonio Spurs star shooting guard/forward DeMar DeRozan.
The Bulls have also signed former Oklahoma City Thunder center Tony Bradley and ex-Los Angeles Lakers point guard Alex Caruso in the past couple of days.
We’ll see if any other suitors emerge for Markkanen as the official signing window in free agency opens up on Aug. 6 and 7. This doesn’t look great for Markkanen, though, who had a rather high asking price heading into the summer.
The Bulls’ busy offseason is still likely far from over. Free agency still will play an important role in how the bench is configured. And we’ll get to see a lot of the younger Bulls’ players take part in the Las Vegas NBA Summer League, which begins on Aug. 9 against the Pelicans.