The main rationale for not fouling is that if you do foul him, he then hits the two free throws making it a 1 point game. Then the C's have to inbounds the ball, and then make 2 free throws, just to get it back to a 3 point lead, where the Bulls would still have several seconds left to try for a tie again. And god forbid the C's missed one of their free throws, and the Bulls could have won on a 3 pointer.
While I am not sure what I would have done, given the amount of time left on the clock (I believe 7 seconds), and the fact that even if the Bulls hit the 3, the C's would have another shot to win the game, there is certainly some merit to the argument not to foul, and trust in your defense to contend the shot.