Lakers receive Lavine and DeRozan (sign-and-trade 3 years, 90m)
Bulls receive Vanderbilt, Hachimura, Russell, Reeves, and Vincent
I don't know what DeRozan's actually next contract will be, so I guessed what he was worth. If it was a lower value contract, one of Vanderbilt, Vincent, or Hachimura wouldn't be included.
The Lakers then have James, Davis, DeRozan, and Lavine, with Christie, JHS, Hayes, Reddish, and Wood off the bench. This upgrades their talent level to give them another year or two to compete for a championship.
The Bulls get off two big contracts and can piece out the players they don't want to keep long-term for draft picks throughout this season. They move forward with a youth movement.