When the Chicago Bulls officially ink the veteran All-Star Norman Powell to a new deal, the NBA veteran is expected to have a short-term, “balloon-style” deal, according to The Stein Line’s Jake Fischer.
In the end, Powell could end up traded before the conclusion of the 2026-2027 NBA season, or he could be a free agent again as early as next season.
Per Fischer, Powell has a second-year team option on the contract.
If Powell plays out the entire contract, he will make $45 million.
Chicago Bulls Add Norman Powell For 2026-2027
GettyMIAMI, FLORIDA – JANUARY 17: Norman Powell #24 of the Miami Heat controls the ball against the Oklahoma City Thunder during the first half at Kaseya Center on January 17, 2026 in Miami, Florida. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Carmen Mandato/Getty Images)
The 33-year-old guard is coming off the best season of his career.
During a one-year run with the Miami Heat, Powell put together an All-Star campaign.
The veteran sharpshooter has been on quite the run since becoming a full-time starter in the NBA.
When Powell played out his final season with the Los Angeles Clippers in 2024-2025, he shot 48.4% from the field and 41.8% from deep, averaging 21.8 points per game.
GettyORLANDO, FLORIDA – DECEMBER 09: Norman Powell #24 of the Miami Heat looks to shoot the ball against Paolo Banchero #5 of the Orlando Magic in the first half of a Emirates NBA Cup Quarterfinals game at Kia Center on December 09, 2025 in Orlando, Florida. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Julio Aguilar/Getty Images)
After the Clippers traded Powell to the Heat, he started all but six of the 58 games he played. Powell shot 47.0% from the field and 38.0% from three. Powell averaged 21.7 points per game, along with 3.5 rebounds and 1.6 assists per game.
The Bulls are in the early stages of a rebuild. While Powell is at a win-now stage of his career, the veteran guard secured a healthy payday and can be one of the seasoned vets on a young Bulls team.
GettyMIAMI, FLORIDA – DECEMBER 01: Norman Powell #24 of the Miami Heat reacts to a three point basket against the LA Clippers at Kaseya Center on December 01, 2025 in Miami, Florida. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Carmen Mandato/Getty Images)
Later on down the line, the Bulls could move Powell. If they don’t have a trade worth making, the team will still have an opportunity to save money by declining the option.
It’s unclear what the long-term future holds for Powell, but for the time being, he’s going to begin the 2026-2027 NBA season in Bulls red.
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