While the Heat have Wade and nearly room for two max contracts, the Bulls nearly match them. They have Derrick Rose and nearly room for two max contracts.
At this point, any top free agent who wants to win is considering Chicago and Miami.
Rose does not have the same cult of personality that Wade has down in Miami, which could make Chicago the better place for James to be "The King." If James is Batman, Rose is probably more willing to accept the role of Robin.
That's all speculation of course. But with Kirk Hinrich now gone, the Bulls also have to consider how they are going to find a shooting guard. In theory, either James or Luol Deng could play the position, but both are natural small forwards.
Could this mean the Bulls are targeting a Joe Johnson/Bosh or Johnson/Stoudemire combination? Maybe, especially as they could probably get away with not paying Johnson the maximum.
Best case scenario: Bulls get LeBron James and Chris Bosh and sign minimum contracts for the remaining roster spots.
Worst case scenario: Bulls overspend on Rudy Gay and David Lee.
Verdict: Most likely the Bulls will end up somewhere in the middle of these two cases. If they cannot get LeBron, expect them to grab Johnson and one of the power forwards (Bosh, Stoudemire, Boozer), creating a formidable starting five of Rose, Johnson, Deng, Bosh/Stoudemire/Boozer, and Noah.