The trade of Kyle Korver that was first reported last week has now been made official. At the time, Minnesota was involved and giving a pick to the Bulls, which never really made sense without knowing what the TWolves were getting out of things. There was also the idea that the Hinrich signing would instead be a sign/trade from his former team to back to his other former team.
But, nah, wound up just being a straight-up deal to the Hawks. The Hawks, though over the cap, were able to do this due to the trade exception generated from their deal of Joe Johnson to the Nets. The Bulls also received 'cash considerations', which is a little strange. Maybe it's because they had to receive something?
In terms of the Bulls Cap/Tax situation, the deal now generates a trade exception for them. Basically (and go to Larry Coon's site, as always, for more), trade exceptions exist because though a team under the cap can accept a player into cap space, the team dealing that player can also acquire a player for similar money. So, technically, the Kyle Korver trade isn't "over" if the Bulls decide to acquire some other player (or combination of players) making up to $5.1m (Korver's 2012-13 salary +$100k) over the next year.
The most common questions that arise about trade exceptions is whether it can be combined with other TPEs, or with a player. For instance, could the Bulls take this exception, and combine it with Rip Hamilton, and get a player making over $10m? No, they can't.
So this is technically better than nothing, and the Bulls do get out of the $500k they owed Korver if they waived him themselves. This deal isn't over until the Bulls let the exception expire, though I won't stop you from figuring they won't use it until proven otherwise, as opposed to the optimistic mindset that you hope they use it for OJ Mayo or anyone else before it expires. If the Bulls were that interested in adding to 2012-13 payroll to get better or acquire more assets, they probably would've had a better time doing so with Korver, Brewer, and Watson before the draft.