Step 4: Extend Alex Caruso
I am a big fan of extending Alex Caruso no matter which direction the Bulls decide to go, as he’ll be a valuable player either way. His extension amount is 4 years/$78 million which will still be good value for an All-Defensive player who is the heart of the team.
Caruso has value to any team and that contract will still be movable near its end when he is 33-34 years old. If you can build a playoff team in the next few seasons, he’s a valuable contributor, if not, you can flip him for future assets at some point, so there isn’t much risk in extending Caruso.
Step 5: Use cap space to sign short-term deals and find a center
The Bulls need an upgrade at center and defensive help on the perimeter and they can start to find it in free agency with what is left from their cap space.
They could throw a bag at a young free-agent center like Nic Claxton or Isaiah Hartenstein, which would give them a future piece and address a present need at the same time. Either guy would improve the Bulls’ rim protection and depth at center while pushing Vucevic to a lesser role.
After that, signing 3-and-D wing players should be the goal, either younger role players that can grow with the team (Gary Trent Jr.) or stopgap guys on shorter deals.