1. Save draft picks and develop young talent
Since 2015, the Bulls have drafted Lauri Markkanen, Wendell Carter Jr., and Bobby Portis. All three have gone on to play better after leaving Chicago, including Markkanen becoming an All-Star in Utah. The Bulls are always in a rush to be contenders again and that rarely works. They traded for Nikola Vucevic and Carter Jr. quickly blossomed into a comparable player in Orlando.
Chicago cannot try to speed the process up. They need to draft one young talent and develop him. While he is blossoming, select another skilled prospect and bring the best out of him. It can be a slow process, but it is the only way the Bulls are going to get out of their current mess.
If Chicago wants to acquire a second star after developing one from the draft, that is a viable option, but there is work to do first. The Bulls have to make the trades and wait for the right time to strike.
Do not expect the Chicago Bulls to follow this approach. They appear committed to re-signing Nikola Vucevic this summer and will likely be vying for a spot in the Play-In Tournament next season. Can they break through and get back to the playoffs? Stay tuned to find out.