KC Johnson is still pushing that the Bulls will try and pull off using the #17 pick to move Hinrich or Deng. Technically they can't do that on draft night (cap isn't set until July), and while he cites the Heat's trade of Daequan Cook to the Thunder as an example, he doesn't make nearly as much as either Bull.
That said, I suppose it could be agreed upon, and talks were last night that they were looking to move Deng to the Clippers with #17 for their #8 pick. Again, the Clippers technically don't have cap room yet, and while I guess something like this could be agreed to, it's hard to imagine them (or any team) forfeiting their cap space before free agency even begins, without seeing what else could possibly come along. That is unless the Bulls are really confident in them getting LeBron, and consequently the Clippers knowing they have no shot.
In other Bulls rumors, they're in the mix for Rudy Fernandez, who makes so little it wouldn't effect their cap number too much (and the Bulls could make it a fairly even money-swap if they dealt James Johnson).
Also, Mike McGraw confirms that there have been talks between the Bulls and Magic with a Deng for Gortat/Pietrus swap. This deal, even more than simply moving Deng for cap space, is only valid if the Bulls are getting LeBron. And even then I'm not sure I like it that much.
So that's all I've found for this morning, it's sure to be a busy day here, culminating in some surely-epic draft threads tonight. Also, for all non-Bulls NBA chatter, we got a post for that.