The Bulls' priority needs to be drafting a shooting guard, then finding a way to get something for Rip Hamilton (only $1 million of his final year is guaranteed, so he could fetch a second rounder or a trade exception), Luol Deng's expiring deal and Carlos Boozer. With where the Bulls will be drafting, they can get an exceptional value on a shooting guard or combo guard who can score. Jamaal Franklin, Kentavious Caldwell-Pope, Archie Goodwin, and Allen Crabbe could all be potential selections. With the Bulls already being just under the cusp of the luxury tax, people need to stop pretending we're going to be a player in free agency unless we free up some cap space.
tl;dr -- Draft a shooting guard (Kentavious Caldwell-Pope would be my guy. Dude can absolutely fill it up from outside and plays very good defense), trade Deng to a team looking for perimeter defense and a veteran (Minnesota, Houston and Boston come to mind) and somehow turn Boozer's two straight years of productivity and good health into bench depth and draft picks. This gives the Bulls "real" depth on the bench, a future two guard and cap flexibility.