Friday, Marc Stein and Jake Fischer of The Stein Line (subscription required) reported the Chicago Bulls are considered a suitor for NBA restricted free agent wing Peyton Watson.
A noteworthy detail in the report cites a $30 million price target that might prove to be the line in the sand the Denver Nuggets won’t cross to retain Watson via an offer sheet match.
"The Nuggets have been signaling for months that they plan to match any offer sheet for Watson … to the point that sources say it would take an offer sheet in the $30 million range in order for Denver to balk at re-signing him."Marc Stein and Jake Fischer
In a nice mathematical coincidence, the Bulls are projected to have $30.9 million in cap space, accounting for the pending Bulls acquisition of center Nic Claxton, into cap space according to Yossi Gozlan of Third Apron.
The Bulls will use $23.1 million of their cap space to acquire Nic Claxton.
— Yossi Gozlan (@YossiGozlan) June 23, 2026
They go from from $54 million in cap space to $30.9 million in room remaining.
They would still have the $9.4 million room mid-level to use after.
Great business getting him essentially for free. pic.twitter.com/IOgBUIOril
The Bulls' active roster currently totals 11 players and will remain at that number once the Claxton trade is finalized, since Mo Gueye was dealt by the Bulls to make the trade legal.
Once the Bulls sign their 2026 NBA draft picks in forward Caleb Wilson and guard Dailyn Swain, their active roster will increase to 13 of 15 players. So the circumstances certainly line up for the Bulls to make a full-throated commitment to acquire Watson via restricted free-agency.
Pulling the hypothetical thread of the Bulls acquiring Watson would likely return the Bulls to operating as an over-the-cap team, which would give the Bulls access to their $15.1 million mid-level exception, which could be put to great use by rostering a shooter with that money.
The Bulls' Watson lineup possibilities
Peyton Watson clocks in at 6’8” which would project into a very long Chicago Bulls starting lineup of:
- Center: 6’11” Nic Claxton
- Power Forward: 6’10” Caleb Wilson
- Small Forward: 6’8” Matas Buzelis
- Shooting Guard: 6’8” Peyton Watson
- Point Guard: 6’7” Josh Giddey
Watson’s ability to slide up to small forward could also create an interesting lineup where Tre Jones runs point, Matas runs 2-guard, Noa Essengue at power forward, and Jalen Smith as a stretch five.
There’s a case to be made that Bulls lead front office executive Bryson Graham should be leveraging his remaining cap space to acquire surplus draft capital as opposed to splurging on the quirky mixtures of cost and value that is the NBA restricted free agent market.
However, if Graham indeed has his eyes set on pursuing Peyton Watson as a splashy finale to his 2026 NBA offseason cap space shopping spree, then Bulls fans should at least credit him for acquiring perhaps one of the more versatile restricted free agents as opposed to the big-name centers Walker Kessler or Jalen Duren.
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