I just read this article on ESPN, which offers a nice breakdown of how/why teams are trying to open up as much cap space as possible for the free agent frenzy.
http://espn.go.com/nba/dailydime/_/page/dime-freeagency-100629/cap-room-summaryHere's the salient information regarding Chicago:
Chicago Bulls
Maximum cap room: 1.76 MCs [MC = maximum contract]
What needs to happen to get to this amount? The Bulls did most of the hard work in February and June. All that's left is to renounce their own free agents, such as Brad Miller.
What can they do to get more? Contrary to recent reports, the Bulls do not have enough cap room to sign two maximum free agents. To get to the elusive two-MC threshold the Bulls would have to clear another $3.5 million from their books. Their best -- albeit unlikely -- bet would be to try to find a taker for Luol Deng's enormous contract, hoping to slide LeBron James into his vacated spot.
Dumping James Johnson, Taj Gibson, Chris Richard and Rob Kurz would not generate the needed cap room -- the cap holds associated with the four vacated roster spots would consume much of the cap room that would be freed by their departure.
[Note: Kurz and Richard were, in fact, released by Chicago within the last 24 hours.]
Earlier this week, we heard rumors that Brad Miller was on the Celtic's radar as a possible replacement for Perkins.
This got me thinking: why not use Sheed's contract to acquire Brad Miller via sign and trade, and pick up some additional young talent from Chicago, if they are desperate to open up as much cap space as possible?
The idea:
Boston trades Rasheed Wallace
Chicago trades James Johnson, Taj Gibson, and a resigned Brad Miller
As far as I can tell from reading Larry Coon (see my sig), Brad Miller would not have BYC status, because the Bulls would be under the cap when they resigned him, so I believe (although I'm not 100% positive) that this trade scenario should work.
The Bulls would clear Gibson and Johnson off their books with this move, and replace them (and Miller) with min-level cap holds. This would move Chicago ahead of New Jersey in terms of having the most cap space, 2nd only to New York.
Boston would get a solid replacement for Perkins next season, acquire two young pieces for the future, and still keep its full MLE intact for additional bench help.