So, as much as the Bulls are renowned for their secrecy, this was a move that had been rumored in several places for some time. Doug McDermott was seen as a fit from the Bulls in the workout stage of the draft process, and his pedigree (4-year college player, part of a successful team) harkens back to Paxson picks of the past.
First, some of the details that we know. McDermott was picked #11 by the Nuggets, and the Bulls traded their #16 and #19 pick to Denver for his rights. Ken Berger of CBSSports is reporting that the Bulls will also be sending Denver a future 2nd round pick.
The ESPN telecast (and my own antsy retweet of Chad Ford) spoke to the idea of the Bulls gaining cap space with this deal. Salary guru Mark Deeks has the actual numbers though, factoring in the minimum roster charge:
#11 cap hold ($1,898,300) plus one roster charge ($507,336) versus #16 cap hold ($1,468,900) and #19 ($1,266,000). Mere $329,365 difference.
[Update by your friendly BullsBlogger, 06/26/14 9:00 PM CDT: latest has Bulls also taking on Anthony Randolph, and his guaranteed $1.8m contract, in this deal. This would mean the Bulls are actually taking on salary (using a trade exception from the Luol Deng trade, albeit expring money that could theoretically be included in a sign-and-trade]
What could actually make a difference in cap space is if the Bulls theorize that McDermott is a ready-made replacement for Mike Dunleavy, a theory KC Johnson posited on Twitter after the trade was done. Dunleavy could be dumped to another team this summer for more cap space, or of course thrown in a star-acquiring trade himself if that player was coming to the Bulls via sign-and-trade.
That speaks to this being less about the Bulls trading two picks (one being the vaunted 'Charlotte pick' from the Tyrus Thomas trade in 2010, R.I.P.) for one for the sake of consolidation, and more to them just really liking Doug McDermott.