Like every other team in the league, the Bulls await to see how any sort of new limitations or freedoms a revised collective bargaining agreement could affect them.
Unlike many of their rivals in the league however, the Bulls are on the verge of being a truly complete contender.
They overcame injuries and blazed through the regular season on the way to the league's best record, all the while led by the Coach of the Year Tom Thibodeau and Most Valuable Player Derrick Rose.
However when their post season ended, the monkey on their back reared its head yet again and their lack of firepower and weak presence at the shooting guard position was exposed.
But with a few players out on the market and even more available via trade, the options are looking pretty good, should the new CBA permit.
If that is the case, then here are five possible additions the Bulls could pick up to get over the top.
A great defender with an improving jumper, Arron Afflalo might be one of the best options for the Chicago Bulls, mainly because he'd be such a great fit.
Under Tom Thibodeau's system, Afflalo could possibly have a career season. Already touted as a defensive specialist, he also brings to the table the ability to shoot from beyond the arc.
His numbers may not look like the type of scorer the Bulls are looking for, but his improved shooting may change things.
Afflalo has the athleticism to get to the basket and should Derrick Rose decide to drive into the lane and kick it out to him on the perimeter, he's more than capable of draining it.
The Bulls would just have to wait and see if they could entice him out of Denver, but it's a stretch.
Always an explosive scorer, Richardson has gone the route many other high fliers have, relying more on a jump shot.
However, he still has the abilities to shoot well from beyond the arc and create his own shot, two traits the Bulls are in dire need of.
Defensively he may not be at the level the Bulls would like, but his scoring takes a little bit of the load off of Derrick Rose's back.
For the Bulls, the question is, would their money be better spent on a younger, better defender or on an older but still efficient scorer in Richardson?
For Chicago Bulls fans, Monta Ellis might be the most polarizing player whose name has been tossed around as a possible acquisition.
Once the season ended, everyone clamored for a secondary scoring presence and critics were quick to point out the main offensive weakness was at the shooting guard position.
So in that sense, Monta Ellis makes perfect sense for the Bulls, he's a combo guard and scoring machine wrapped into one 6'3" package.
The thing is, those 25 points per game come at a price. Ellis needs the ball in his hands to be effective and on a system where the league MVP Derrick Rose is the primary scoring option, Rose would either need to take the Stephen Curry route and facilitate to Ellis or Ellis needs play without the ball more.
If they could make it work, a duo of Rose and Ellis could be the quickest and most devastating backcourt in the league, but that's if they could find a way to make it work.
A rumored possibility for the Bulls, an sort of deal for Courtney Lee never actually fell through.
Should something come together now, Lee would make a great fit for Bulls' shortcomings at the shooting guard spot.
Lee plays solid defense and is a good shooter from the three-point line. He may not be the type to create his own shot, but he'd be a solid fit for under Tom Thibadeau's system.
The only problem would be how the Bulls could steal him away from Houston, but with his contract up in 2012, the Rockets might be not be opposed to trading him.
For what the Bulls are looking for, O.J. Mayo is one of the best options to explore.
There were rumors that he might have come to Chicago before, but now he seems like an ideal candidate.
A real "shooting guard," Mayo brings an ability to score and attack the basket that other players on this list have, minus any sort of behavioral issues.
He's a great scoring presence, and along side Derrick Rose, the two would make a speedy scoring combo.
Mayo may not be the most celebrated defender in the league, but under a defensive system like Chicago's, he's solid enough to hang with most guards.
If the Bulls were to push for him, they have players to move and Mayo could end up being the answer to their offensive woes.