The Bulls were just shy of winning their seventh title last year, falling to the Miami Heat in the Eastern Conference Finals. Jerry Reinsdorf has claimed to be willing to pay the luxury tax in order to win a championship. If that's true, here's just how he should do it.
[note, I started with one concrete plan and have altered this to show back moves, to be a full diagram in case any one move falls through as such it's a bit more fluid]
Move #1: Trade Ronnie Brewer + C.J. Watson + throw ins for Andre Iguodala
Andre Iguodala gives you everything Ronnie Brewer gave you on defense, but he does so while also creating his own shot, creating shots for others, and adding somewhat competent three point shooting to the mix [basically a 33% shooter on 3 shots a game]. The Bulls become far more dangerous to defend with a second shot creator on the floor, and they now have a second elite perimeter defender on the floor for 35 minutes a game instead of around 20 minutes a game.
The Bulls perimeter defense with Rose, Iguodala, and Deng would rival Miami as the most fearsome in the league. LeBron/Wade probably have a bit more defensive upside, but the Bulls would have strong defense coming from all three perimeter spots instead of just two.
Philadelphia makes this trade because Andre Iguodala makes a crap ton of money, and they're looking to develop Evan Turner at the same position. They also have Thaddeus Young whom they can keep for less, and Iguodala's role isn't so large to be worth the salary he'll make over the next three seasons which ends at a whopping 15 million. They get some minor assets in the picks and save around 30 million dollars.
[Bulls can throw in whatever the minimum combination of their picks, Charlotte pick or Mirotic is needed to get Philly to bite]
Alternate move #1: Swap C.J. Watson + Kyle Korver for Ben Gordon
You know this move is on the table if we want it. Detroit would be begging to do this move and get out of Ben Gordon's contract, and the amnesty clause doesn't change that because you still have to pay amnesty players where this saves them the cash.
However, from the Bulls perspective, if we aren't going cheap, this move is a no brainer. I know there is a legion of Gordon haters out there, so let me attempt to persuade you. Gordon could play all the minutes Watson and Korver play now and give the team a tremendous boost on offense without losing anything on defense.
Imagine Ben Gordon leading the second unit as an offensive player rather than C.J. Watson standing at the top of the key waiting for Korver to come off a double screen. The end game offense for the Bulls would also be considerably more fearsome with an additional shot creator on the floor as Gordon would eat up any defense that sent its two best defenders at Rose and left the third best perimeter defender on him.
For those doubting Gordon would help the offense, the Bulls offensive rating in 08/09 was actually higher than last season despite Rose playing no where near an MVP level that season. If you accept the fact that using Ben Gordon doesn't hurt your defense because he replaces 33 minutes of Korver/Watson then you know it's easy to follow what a huge upgrade this is.
Move #2: Sign the best SG you can to the MLE
Jason Richardson - Well rounded guy, might get more elsewhere but career earnings mean he might take pay cut to play for a championship. Of course, he could stay in Orlando and attempt to do that while making more.
JR Smith - Kind of a head case, but tremendous upside. He recently had to beg his Chinese team not to cut him, so he'll get out of that deal easily.
Jamal Crawford - Makes the most sense if we get Iguodala and not Gordon because he can back up the one and play the two and adds more shooting. He also might find greener pastures in terms of money elsewhere. Given how rarely he's been to the playoffs, look for him to also sign with a team that doesn't suck and give up some money to do so.
Vince Carter - He's one of the players I've loathed the most. I also generally think pattern of "well [insert aged superstar] will play great here because he won't have to do as much!" is overrated. Still, the three guys above might be unavailable for various reasons, and Carter can still provide plenty of offense and create his own shot and shoot threes.
Restricted free agent targets:
Nick Young - Would the Wizards match a full MLE offer on Nick Young? I would if I were them. However, it's not a slam dunk. Young strikes me as a somewhat selfish chucker, but he can score efficiently and was on teams so bad that it's hard to judge how he'd fit into a better team. It's a risk, but one that could pay off big time.
Marcus Thornton - Everything I said about Nick Young fits Thornton except he's also undersized.
Aaron Afflalo - Would be matched, and I only write his name so you know I didn't forget about him.
Move #3: Bulls sign T.J. Ford or pick up the option on Keith Bogans
Depending on the above moves, the Bulls will either be looking for a back up SG or a backup PG. If it's a backup PG you chase TJ Ford, and if it's a back up SG you hang on to Keith Bogans.
Move #4: Bulls sign Kurt Thomas with the LLE
Kurt Thomas isn't spectacular, but for two million you get a good locker room presence, a guy who can sit for two months then perform, and a guy who won't grouse about his role. Those aren't necessarily easy things to find.
Bulls perimeter rotation with Iguodala
PG: Derrick Rose , Backup PG 
SG: Andre Iguodala , Backup SG 
SF: Deng , Andre Iguodala 
Bulls perimeter roster with Gordon
PG: Derrick Rose , Ben Gordon 
SG: Gordon , Brewer 
SF: Deng , Backup SF 
Bulls front court rotation either way
PF: Boozer , Taj 
C: Noah , Omer 
Butler, Thomas in the deep rotation to pick up the slack if there are injuries.
Who fills in the backup rolls changes considerably based on which choices become available to you. With Iguodala on board you are either looking for a player who can play both the 1 and the 2 or looking for a vet min PG and the best SG available.
With Ben Gordon the Bulls could opt to use him as the primary backup PG and with Ronnie Brewer capable of backing up SF and PG, they could go with a four man perimeter rotation in the playoffs, or they could use virtually any perimeter position player to fill in extra minutes depending how they move players around. If the Bulls felt comfortable enough with Gordon playing a backup PG role, they could opt not to use the MLE and instead attempt to just fill in the final roster spots with vet min players which might lower the tax hit [wait I just said this is the all in plan, get the best player possible damnit!].
Either lineup gives the Bulls a tremendous improvement to their offensive punch and makes them dramatically more difficult to defend while still giving them enough
Salary wise neither solution is necessarily that bad until year three. The Bulls would be a shade into the luxury tax year one. They'd be deep into the luxury tax in year two, but the tax isn't punitive yet and it isn't deeper than the big spending teams typically go. In year three, the Bulls will be sporting massive payrolls and face a punitive tax, but they can amnesty Carlos Boozer or Luol Deng if they don't feel the team is championship worthy and need to get down to a reasonable payroll.
Salaries with Iguodala
Salaries with Gordon