Supposedly, the Bulls would have given up Ben Gordon and Joakim Noah, with Luol Deng being the sticking point. (The Bulls may have been willing to trade him, but Kobe wouldn't have gone to Chicago without him).
If Deng is included, the Bulls don't have a chance to contend. Let's assume the Lakers take Tyrus Thomas, instead (which they were unwilling to do).
That leaves them with a team of:
Ben Wallace
Drew Gooden
Luol Deng
Kobe Bryant
Kirk Hinrich
I think we could have beat that team. I don't think it's as strong as the 2008 Lakers team we beat.
It's also a weaker team than the 2010 Lakers, meaning we would have had a pretty good shot at adding another title.