Bulls Trade Hinrich To Wizards For Second Round Pick, Clear Cap Space

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ANALYSIS: Wojnarowski Says LeBron, Bosh Likely To Be Bulls

From Yahoo’s Adrian Wojnarowski:

In this twisted, bizarre and broken culture of Stern’s NBA, the Chicago Bulls and Miami Heat overshadowed the draft with what passes as accomplishment now: Gutting good players off rosters, clearing cap space and praying World Wide Wes is lying to everyone else, not you. Ernie Grunfeld was the most unpopular man in the sport for letting the Chicago Bulls use the Washington Wizards as a repository for Kirk Hinrich’s $9 million contract, the 17th pick in the draft and $3 million.

To listen to World Wide Wes, LeBron will never look back on Cleveland. “He’s up out of there,” is the way he tells it to people, but LeBron’s Akron crew has to tsk-tsk such public talk because they all live in Northeast Ohio, and maybe always will. “We’re going to Chicago,” William Wesley tells people, “and Chris Bosh is coming, too.”

Maybe not the prettiest picture, but if it happens, the Bulls would be instant favorites in the Eastern Conference.

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ANALYSIS: Bulls Can Add Two Top Free Agents

From John Jackson in the Sun-Times:

Ever since the Cleveland Cavaliers were eliminated in the second round of the playoffs, the focus of Bulls fans has been whether LeBron James will head to Chicago.

The buzz is back because the Bulls are better positioned now to see their plans become reality.

With a nucleus of point guard Derrick Rose (the team’s first All-Star since the Jordan era), center Joakim Noah, small forward Luol Deng and power forward Taj Gibson, the Bulls have more quality talent in place than any other of the teams with significant cap room.

James, of course, is at the top of the Bulls’ wish list, but the Bulls have to be at the top of the wish list for any free agent looking to change teams.

‘’Chicago is a team worth checking out,’’ Toronto power forward Chris Bosh said Thursday on ESPN Radio. ‘’When you have a city like Chicago and you have young talent like Derrick Rose and Joakim Noah and a new coach like Tom Thibodeau, that’s something worth looking at.

‘’I know they’re all about winning. I know they have a winning tradition in Chicago and I know they’re trying to get back there.’’

KC Johnson in the Tribune mentions another possible acquisition:

Most teams are working under an assumption that the league will set its salary cap at $56.1 million. The Bulls, with just five players under contract, now trail only the Knicks in available cap space and lead the Nets and Heat, who possess roughly $27 million each.

The Knicks, with roughly $34 million of cap space, are the only team with the ability to offer two maximum contracts. But their roster is uniformly considered inferior to the Bulls’ core, which also features second-year forward Taj Gibson.

A league source said the Bulls have held internal discussions about bringing back free agent Chris Duhon as a third guard.

The Bulls do seem to be the front-runner for LeBron James’ services. Even if they sign only one of James/Bosh/(insert other free agent name here), they should become one of the favorites in the Eastern Conference when play begins in the fall. It’ll be an interesting time starting when the free-agent signing period commences on July 1.

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Statement From Gar Forman Regarding Wizards Trade

Via tweet from CSN Chicago:

#Forman: “We are currently in discussions to trade our draft rights to Seraphin. We will not be able to complete a trade until July 8.”

This would appear to confirm today’s reports, but we will not know for sure for two weeks.

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Bulls Select Kevin Seraphin Of France With 17th Pick; Likely Headed To Wizards In Deal

Via tweet from CSN Chicago:

#Bulls draft France’s Kevin Seraphin with 17th pick…will he end up in Washington?

Answer to that question via the Tribune’s KC Johnson:

Bulls take Kevin Seraphin from France. Pick moving to Wiz but if deal falls thru, they can stash him in Europe and not affect cap.

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Bulls Clear $22.8 Million From Salary Cap In Hinrich Deal

More details from NBA.com:

The Washington Wizards and Chicago Bulls have agreed to a trade that will send Bulls guard Kirk Hinrich and Chicago’s first-round pick, 17th overall, to Washington for a future second-round pick, a league source confirmed Thursday. The deal will clear Hinrich’s $9 million salary off of the Bulls’ salary cap for next season, as well as the $1.3 million in guaranteed first-year money they would have had to pay their first-round pick, and reduce Chicago’s payroll for next season to $22.8 million—which would, if the current projection of a $56.1 million salary cap for the 2010-11 season holds, allow the Bulls to be able to sign two maximum salaried free agents starting next week.

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Bulls To Get 'At Least' Second Round Pick From Wizards

From KC Johnson at the Trib:

The Bulls would receive at least a second-round pick from the Wizards, and the deal could have other cash considerations.

But if the trade goes down, the Bulls would possess roughly $30 million to pursue free agents this summer. A maximum free-agent contract starts at roughly $16.5 million. So it’s not quite two maximum contracts, but it’s close.

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Hinrich Deal Will Be Official On July 8

John Jackson of the Chicago Sun-Times reports more details on the Hinrich trade:

The Wizards have two first-round picks in tonight’s draft — the first and the 30th — but the No. 1 pick is not a part of the deal. The Bulls are not expected to take back any salary.

ESPN.com first reported the trade and said it has been agreed upon, although it can’t be officially made July 8 when the new salary cap goes into effect and the Wizards can take on Hinrich’s $9 million salary.

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More Details On Hinrich Deal

Via tweet from Grant Paulsen:

#Wizards apparently paying $3 million for the draft pick on top of taking Hinrich’s contract. All told: could be $20 mill to get pick No.17

Still no word on what the Bulls would get in return from the Wizards.

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Or, Maybe Hinrich To Pacers?

A tweet from NBADraft.net says:

Trade Rumor: Kirk Hinrich to Indiana. 17th pick included – Indiana targeting Gordon Hayward at 17. Not sure what Ind gives in deal.

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REPORT: Bulls Trade Hinrich To Wizards

From Ric Bucher at ESPN.com, this report, still unconfirmed:

The Chicago Bulls have a deal in place that would move Kirk Hinrich and the 17th pick to the Washington Wizards, freeing up enough cap space to pursue two maximum-salary players on this summer's free-agent market, sources with knowledge of the Bulls' plans said Thursday.

It wasn't immediately clear what Washington would send to Chicago in the trade.

The deal can't be officially consummated until July 8, when the Wizards will have room under the salary cap to absorb Hinrich's $9 million contract without having to send back anything of similar value.

The article goes on to say that it's a "good-faith" deal since it can't be finished for a couple of weeks; if not, the Bulls may make a similar deal with the Kings, and it would clear about $10 million of salary cap space.

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