Could Peyton Watson find his way to the Windy City?
The Bulls enter this offseason with loads of flexibility, massive amounts of cap space, two first-round draft picks and two second-round draft picks.
It's a massive opportunity for Chicago to springboard its rebuild. The Bulls will have an entirely new front office, a new coaching staff and a vastly different roster than they did entering the 2025-26 season. It's widely assumed that Chicago will target youth and long-term assets, but with significant financial flexibility and the branding of a historic NBA franchise, could the team look to make a splash in free agency instead?
The Bulls are projected to have $58.4 million in cap space and be $105.6 million below the luxury tax for 2026-27, according to Spotrac. That figure would be the most in the NBA if it holds, and it could entice Chicago to overspend on high-upside talent, such as Peyton Watson.
The Nuggets' forward is a restricted free agent this summer, but after inking Christian Braun to a five-year, $125 million contract a year ago, Denver might not be able to keep him from the open market. According to NBA insider Jake Fischer, the Bulls are viewed among the frontrunners to sign Watson if the Nuggets cannot retain him.
"League sources have already identified the Lakers, Bulls and Nets as potential suitors that are likely to have the requisite spending power to present an offer sheet that causes angst in the Rocky Mountains," Fischer wrote. "The Stein Line has learned, in fact, that both the Lakers and Bulls registered trade interest in Watson leading up to the in-season deadline for deals on Feb. 5, although it must be noted that Chicago's front office will soon have a new lead voice after the recent ouster of former Nuggets executive Artūras Karnišovas."
Mar 22, 2026; Denver, Colorado, USA; Denver Nuggets guard Peyton Watson (8) drives past Portland Trail Blazers forward Deni Avdija (8) in the first quarter at Ball Arena. Mandatory Credit: Ron Chenoy-Imagn ImagesWatson, who turns 24 in September, averaged career bests for the Nuggets this season. The UCLA product posted 14.6 points, 4.9 rebounds, 2.1 assists, 1.1 blocks and 0.9 steals per game on 49/41/73 splits. He started 40 games and helped Denver to the No. 3 seed in the Western Conference, playing a major role as key starters Aaron Gordon and Cameron Johnson battled injuries.
The Nuggets were 36-18 with Watson in the lineup this season. Denver went 20-14 without him, including the team's first-round playoff defeat to the Timberwolves in six games. He missed the final 11 games of the year due to a right hamstring strain.
Watson was the Western Conference Player of the Week during early January, a month in which he averaged 21.9 points per game on 46.2% from three.
Due to the NBA's collective bargaining agreement, free agency is rarely used as an avenue for stars to change teams anymore. The best way for teams to acquire talent now is through the draft or through trade, and for the Bulls — which have mostly drafted poorly of late — the big market appeal is no longer enough.
A young, promising talent like Watson will undoubtedly be pricy for any team that tries to sway him away from Denver, the franchise that drafted him in 2022. But the opportunity to partner the 6-foot-8 wing defender with Josh Giddey and Matas Buzelis could be too much for Chicago to turn down.