I think Bill Russell has done more for the Celtic Franchise than anyone not named Red.
But Jordan has done more for the game of basketball and more for the NBA than any other player, period.
If any player deserves to have his old jersey number retired throughout the league, it's Jordan.
Jordan did more for the Bulls and Nike than any player not named Jordan. He was the first commercial juggernaut for the NBA and was his decade's most dominant player. He made more money than anyone before and raised the amount players could make with shoes and endorsements.
As for contributions to the league, Bird and Magic did more for the league than Jordan. The league was in far worse shape when they arrived and made it into national tv. They brought a ton of college fans to the NBA with their rivalry. Bill Russell did more historically than Jordan, being the first black head coach in major sports and winning a crazy number of titles. Jordan's number should be retired by the Bulls, not by the rest of the league.
I know this is a young versus old debate, with the guys who grew up watching Jordan struggling to imagine why people would disagree, so let me put it this way, say the Lakers go on a crazy run, stay healthy, and are blessed with divine grace to win four more championships (five in a row). Do we all of a sudden retire Kobe's number league wide for his contributions to the sport? 
I Beg to Differ, The Magic/Bird rivalry was great for the game no question, but it was a product built from their college rivalry and really didn't increase the image internationally. Jordan did, he really made the game a true international success. Through endorsements no question, but being the most well known member of the dream team at the '92 olympics. Jordans' games of the 90's were the first true exposure to NBA basketball and the reason I can see every single game of a Domestic league from the other side of the world live from my computer and TV. The NBA owes plenty to having a player like Jordan for making their product an international success story. I think most international fans will agree with me on this.
Did that team need Jordan though? He was the star who took front stage on it and the one that tried to grab the headlines (the covering the logo with the flag still irks me a bit). But that team with out him would have grabbed as much attention. It signaled to the world that the US professionals were miles better than anyone else. Our winning margin might have gone down by 4 points, but they still would have destroyed everyone. I think this is more of an age/exposure to the sport thing.
Read about some of the basketball clinics the pro teams (including the Celtics) went on years before to spread the sport internationally. There were a lot of goodwill trips that taught local coaches and players the game well before those Olympic games.
That's sort of the point I am trying to make, he did take the limelight on a team with 10 of the 50 greatest players on it. The dream team wasn't just Jordan obviously, but if you asked an average person what basketball player they knew from that team, I'd say the majority would point to Jordan. (This is coming from an International viewpoint, of course

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The International Camps are all well and good, but they didn't bring the NBA to the mainstream conscience of world like Jordan did in the 90's. The mass selling of nike and subsequently the Jordan brand, The showing of NBA games abroad the Dream Team of the 92 olympics all have one thing in common, can you guess what that is?

(Just to clarify, I am fully aware the legacy players like Robinson, Russel, Magic and Bird brought to the NBA and sport in general in the U.S., my point is being made by its progression to a Global game like football.)