Carmelo Anthony's Decision Will Determine Eastern Conference Hierarchy

LeBron James might be going home, via Lee Jenkins of Sports Illustrated, but Carmelo Anthony still has the biggest say on which team is the favorite to win the Eastern Conference.

If Anthony signs with Chicago, then the Bulls are the cream of the crop in the East. It's as simple as that. All the Bulls need is a scorer like Melo to reach the summit in the conference. Even after Derrick Rose's injury and the Luol Deng trade, Chicago still finished fourth in the East last year.

Top to bottom, Chicago would be better than the Cleveland Cavaliers. Bleacher Report's Howard Beck firmly believes that the Bulls would put themselves at the top of the ladder by adding the seven-time All-Star:

As much as having LeBron makes the Cavaliers a completely different team, they still have some holes unless they add Kevin Love. Kyrie Irving needs to improve defensively, and a supporting cast of Tristan Thompson, Anderson Varejao, Anthony Bennett and Dion Waiters doesn't scream NBA title.

Both the Miami Heat and Oklahoma City Thunder demonstrated in last year's playoffs that a team needs a strong supporting cast to win a championship.

David Blatt also remains a bit of a wild card as the head coach. He comes to the NBA with a great reputation, but there's no telling how he'll handle the pressure that's immediately been thrust upon his shoulders.

Put Anthony on a team with Rose, Joakim Noah, Jimmy Butler and Taj Gibson, and you've got a different story. That's a ready-made playoff contender all of a sudden handed one of the best players in the league. If anything, Melo might actually become a better overall player after working with a defensive-minded coach like Tom Thibodeau.

On paper, the Bulls would be a great team.

If Anthony opts for the Los Angeles Lakers or New York Knicks, then you'd have to consider the Cavs or Indiana Pacers the team to beat.

The Bulls would remain a top-four seed in the conference but have a glass ceiling until they would find a major offensive weapon.

Although they're making positive strides this offseason, the Knicks aren't in a position where they can be a major contender, even in the weakened East, simply by virtue of holding on to Melo. Think back to how bad New York was last year, and throw in a first-year head coach. That's not a great combination for immediate success.

James' return to Cleveland is greater in terms of scope and narrative, but whatever Melo does will have a much larger impact on the league's immediate landscape.

Depending on to whom you listen, Anthony has either narrowed down the choices to Chicago and New York, or Los Angeles remains in the running.

ESPN's Stephen A. Smith reported on Friday afternoon that Melo eliminated the Lakers as a possible destination.

However, Mike Bresnahan of the Los Angeles Times reported that they remain one of the teams still vying for Melo's signature:

Considering what's on the line, many are eagerly anticipating Anthony's decision. Despite that excitement, Melo seems perfectly happy to draw it out until he's finally got his mind made up, per Marc J. Spears of Yahoo Sports:

Frank Isola of the New York Daily News said that Anthony considered Thursday the deadline, but that's obviously not the case:

Each of the three teams vying for Anthony's signature has something working in its favor.

The Bulls offer the best chance of winning in the short term. The Lakers are one of the biggest franchises in all of sports, not to mention Anthony has a house in Los Angeles. Meanwhile, the Knicks can, of course, offer an extra year and $30 million more than anyone else.

Many viewed James as the first domino to fall. Now that he's set the stage, it's time for Anthony to truly determine the power structure of the East.