Bulls Take Measured Approach Early In Free Agency

By Cody Westerlund--

(CBS) The typical early frenzy of NBA free agency came and went late Thursday and into the early Friday morning hours without any big news on the Bulls' end.

As some high-profile names like Hassan Whiteside, Nicolas Batum and DeMar DeRozan returned to their incumbent teams, Chicago stayed on the peripheral. The Bulls have about $24 million in cap space and have maintained that the need to keep the big picture in mind as they press the reset button following the trade of Derrick Rose to the Knicks.

Here are a few early notes and observations from free agency.

--- Combo guard E'Twaun Moore remains a priority for the Bulls, who were in contact with his camp often Thursday. The sides have a strong mutual respect, with the Bulls liking Moore's hard-working, low-maintenance approach and Moore being appreciative of the opportunity and role he received in Chicago last season. It's not clear what Moore's asking price is, but he's well-positioned for a solid payday, given the exploding salary cap and the interest in him. At least six teams have already inquired about the 27-year-old Moore, the Tribune's K.C. Johnson reported. The Bucks were another team to show interest, the Journal-Sentinel's Charles Gardner reported. Moore is expected to hear pitches later Friday, ESPN's Marc Stein reported. On Friday morning, he was meeting with the Pelicans, sources told 670 The Score. With their $24 million in cap space, the Bulls have the money to equal or surpass any offer Moore gets from another team.

--- Following Rose's exit, point guard is a question mark for the Bulls. One of the better ones in this free agent class is off the board. Jeremy Lin will sign with the Nets on a three-year deal worth around $36 million, according to reports. After Mike Conley -- whom the Bulls aren't getting -- the point guard options get ugly real quick. Rajon Rondo, Deron Williams, Ty Lawson and Brandon Jennings are in the next tier of available point guards. With that in mind, it appears the Bulls' point guard question will need to be addressed internally or via the trade market.

--- The Bulls have shown interest in shooting guard Dion Waiters, according to ESPN's Dave McMenamin. Don't expect much to come of it though, as Waiters is a restricted free agent whom the Thunder can match any offer for and the Kings are reportedly chasing him the hardest.

--- The Bulls were also linked to wing Evan Turner. One of general manager Gar Forman's keywords has been "versatility," and Turner fits that bill. Turner and Rose weren't on friendly terms, but with Rose's exit, that's no longer an issue.

--- Chicago was also linked to shooting guard Tyler Johnson, a restricted free agent of Miami's. The allure of Johnson is that he's a premier athlete who also shot 38 percent on 3-pointers last season. He's taking meetings Friday and is expected to have interest from the Bulls, Pelicans and Hornets, among others, The Vertical's Adrian Wojnarowski reported.

--- After spending his entire nine-year career with the Bulls, big man Joakim Noah is expected to sign with the Knicks on a four-year deal worth around $72 million, per multiple reports. That's a hefty sum of money for an injury-plagued player, but it's the new normal in the NBA.

--- Another exiting Bull is big man Pau Gasol, who has serious interest from the Spurs, according to The Vertical's Adrian Wojnarowski. Gasol also has been linked to the Trail Blazers and Knicks.

--- The shock of this new era in the NBA came when center Timofey Mozgov agreed to a four-year, $64-million deal with the Lakers in the early hours of free agency. As it pertains to the Bulls, doesn't that deal and Noah's as well make the newly acquired Robin Lopez's $41 million over the next three years look like a bargain? Lopez is a solid defender, and the $14 million or so he'll get paid annually in Chicago is plenty fair.

Cody Westerlund is a sports editor for CBSChicago.com and covers the Bulls. Follow him on Twitter @CodyWesterlund.