The Chicago Bulls entered the opening week of free agency with a clear purpose: follow the rebuilding script laid out by general manager Bryson Graham. Rather than chasing marquee sign-and-drops, the front office focused on preserving a two-year development window for its recent first-round selections, No. 4 pick Caleb Wilson and No. 15 pick Dailyn Swain. By keeping the roster construction modest, the Bulls signaled that the priority remains building around youthful talent rather than a premature win-now push.

Key moves this week reflected that philosophy. Veteran guard Norman Powell agreed to a two-year, $45 million contract that includes a team option for the second year. Forward Zach Collins secured a two-year extension, also with a team option on the second year. The club retained a player option on guard Tre Jones for the upcoming season, and it left point guard Josh Giddey on an expiring, team-friendly $25 million deal that will run through 2028-29 after the 2027-28 season. These contracts are short, contain team options, and keep the salary-cap picture flexible for future moves.

The structure of those deals gives the Bulls latitude to add pieces without jeopardizing cap health. Because the contracts are modest and contain options, Chicago can decide each offseason whether to keep the veteran pieces or let them walk for a lower price. That flexibility is especially valuable as the 2027 draft approaches, when the organization hopes to pair its existing core with a high-upside prospect. The short-term nature of the deals also protects the team if any of the veterans underperform, allowing the front office to reallocate resources toward younger assets.

Chicago’s restraint stood in stark contrast to the recent activity of the Philadelphia 76ers, who executed a high-profile trade to acquire Jaylen Brown and a package of draft picks. The Bulls opted not to engage in any blockbuster that could compromise their cap, reinforcing a pattern that began under former vice president of basketball operations Arturas Karnisovas and now continues under Graham’s steadier hand.

Looking ahead, the next decision points will be Tre Jones’ option after the coming season and the expiration of Giddey’s contract after 2028-29. The development of Wilson and Swain over the next two years will determine whether the Bulls can accelerate their timeline or continue to give the young players time to grow. If the core shows progress, the flexibility preserved by the short contracts will allow Chicago to add a mid-first-round pick or a strategic free-agent signing when the cap permits.

In a market where free-agency frenzy often eclipses long-range planning, the Bulls’ measured approach underscores a commitment to a sustainable rebuild. By sticking to the script, Chicago positions itself to turn draft assets into a competitive roster on its own timetable.