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 in 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.
Since it’s a good-faith deal for the time being, there remains a chance it could fall apart. But according to one source, the Sacramento Kings are prepared to make a similar deal with the Bulls in the Wizards’ stead if that were to happen.
Despite the report, the trade doesn’t quite get the Bulls the required cap room for two max contract players. The last cap estimate provided by Commissioner David Stern was $56.1 million at the start of the playoffs. The Bulls would have enough room for a $13,838,492 offer after signing one maximum free agent.
That number is below the second max threshold by $2,730,417 — an amount which can not be bridged without saving money by moving Luol Deng. James Johnson and Taj Gibson combine to make $2,831,280, but they’d have a $947,208 roster charge coming back if they’re traded, so the Bulls would still be shy by $846,345.