Overview
- Multiple outlets reported that Norman Powell agreed to a two-year, $45 million contract with the Chicago Bulls with a team option for the second season.
- Chicago used open cap room to sign Powell outright after Spotrac estimated the Bulls had roughly $95 million in flexibility below the tax line before the move.
- Miami could not match the Bulls’ offer because acquiring Giannis Antetokounmpo pushed the Heat to the NBA’s first tax apron and left only limited money to fill remaining roster spots.
- Reports describe Powell’s deal as a short-term, balloon-style contract that increases the likelihood he could be traded or reach free agency again after one season.
- Powell, a 33-year-old 2026 All-Star, averaged 21.7 points, 3.5 rebounds and 2.5 assists for Miami last season and his departure forces the Heat to prioritize perimeter replacements such as Tim Hardaway Jr.