I'll be up-front and admit that there isn't much of an update, here, as much as a new place (cesspool?) created for comments.
Kevin Love trade interest came (back) out of nowhere on Tuesday. It's more than likely just Minnesota leaking information to gain leverage in their talks with the Cavs, but that's fine. If the Bulls are merely doing their due diligence and checking back in after doing all their offseason decisions were made, that's fine too.
You can find it wrongheaded that they treated Kevin Love like a 'plan C' (as opposed to A or B) after the Melo fallout, as all reports indicate they weren't interested at all since the draft. It looks like, back then, the Wolves started by asking for Noah. The Bulls countered with Gibson, Snell, and picks. And then the draft happened and the Bulls 'focused' on free agency.
Now the Bulls have reportedly renewed interest, though we don't know if they moved off that offer to upgrade from Snell to Butler, or if what a couple of those picks turned into (McDermott) is even available.
What we do know is McDermott just signed a contract so he can't be dealt for 30 days. That's more technicality than a dealbreaker, but still. KC Johnson reported that part of the Bulls negotiations with Nikola Mirotic was an unofficial understanding that he wouldn't be dealt. The non-guaranteed contracts were waived and cap space was used to sign Mirotic and Gasol. The Bulls are simply in a worse position flexibility-wise than a month ago to get a Kevin Love deal done.
Ironically, the Cavs themselves acquired some non-guaranteed contracts late Tuesday to flip in a possible Love trade. One of which was Erik Murphy, who the Bulls waived to get under the luxury tax last year. Why Utah both picked up Murphy and now dealt him in moves made to seemingly just help other teams...They're just helpful folk I guess.
It's just looking like the Cavs are going to get this thing done, given they have the means and the urgency (thanks to LeBron) to do so. The Bulls can't really do much to sweeten things and overcome either them or the Warriors reported offers. Jimmy Butler could be included instead of Snell, though like the Warriors' Klay Thompson he is due for an extension/raise after this coming season. The Bulls can start negotiating with Butler now, but we haven't heard anything and so I doubt including him in talks would be a reflection of those talks. It would be very Bullsian to consider Doug McDermott off-limits, as one report suggests he could trigger some interest from the Timberwolves, but he's likely not enough to trump a Wiggins or Thompson-centerpieced deal either.
And so, ultimately, it looks like the Bulls may not even get to hold their heads high as first-loser on this one. Not only reduced flexibility, but not many assets remaining. No shame in trying though, provided they're trying hard enough...and the team they have is pretty good. Just, as usual, not looking like another superstar will be a part of it.