Poor asset management could haunt the Bulls once again

The Bulls are dangerously close to repeating the same mistakes that left them asset-starved over the past few seasons.

According to Bleacher Report's Jake Fischer, Chicago is now exploring trade or buyout scenarios for Nikola Vucevic. And once again, the front office is finding that there’s little market interest. That should sound familiar, considering how the franchise failed to extract real value for DeMar DeRozan, Zach LaVine, Alex Caruso or Lonzo Ball in recent deals — none of which brought back a single first-round pick.

Vucevic averaged 18.5 points and 10.1 rebounds last season. Solid numbers, but not enough to justify the $20 million salary he’s owed for 2025-26. At 34 years old and with limited defensive upside, he’s no longer seen as a positive asset in most front offices. The Bulls are now in a corner: either stretch his deal, buy him out or let him clog the cap sheet while offering little upside on the floor.

This wouldn’t be the first time the team’s poor timing cost them leverage. They reportedly turned down interest in Vucevic when the Warriors were trying to make a move, per Fischer. The Bulls ended up holding on to his three-year deal, which now looks like an overpay no contender wants to absorb. Once again, the clock ran out before the Bulls made a decision.

The risk extends beyond Vucevic. Josh Giddey, acquired in the Caruso deal, is still unsigned. The two sides haven’t agreed to an extension, and if he ends up signing the qualifying offer, he’ll be an unrestricted free agent in 2026 — meaning Chicago could lose him for nothing. Giddey has potential, but no one in the league is calling him untouchable. Letting go of a defensive ace like Caruso for a player you might not even retain long-term? That’s how asset mismanagement compounds.

To make matters worse, even the young core has uncertainty. Matas Buzelis, their top prospect, is coming off a solid Summer League showing but remains raw. Coby White had a breakout year, but he’s not a franchise player. Patrick Williams hasn’t taken the leap, and Dalen Terry hasn’t found rotation minutes. There’s no clear centerpiece.

The Bulls had a real shot at pivoting into a rebuild with momentum over the last two seasons. Instead, they’ve let value erode. DeRozan was dealt to the Kings in a sign-and-trade that only brought second-rounders and salary filler. LaVine was moved midseason to Sacramento for depth and cap relief, while the Spurs got an All-Star in De’Aaron Fox. Ball was traded straight-up for Isaac Okoro. Not one of those deals brought back a long-term asset or pick.

If Vucevic walks for nothing, the tally will be five rotation players out — and no first-round picks in return. That’s not just a bad look. It’s a fundamental failure of team-building strategy.

The Bulls are running out of veterans to trade and cap flexibility to play with. If they hope to build something real around Buzelis, White and Giddey (if he stays), they’ll need to start thinking a step ahead. Right now, the Bulls aren’t rebuilding — they’re bleeding value with no direction.