The Bulls don't need to do anything drastic and shouldn't be trying to revamp the roster when Rose won't be playing for months. They need to let this insanity of free agency put other teams in holes they can't get out of and bide their time.
Right now they need to make a deal with Hinrich. We keep hearing other teams are interested but he's not an exciting sexy signing to announce. Other teams want to sign somebody who has shown flashes with other teams who they can sell their fans as the next big thing. What the Bulls need is what they always do, sign the good defender who has a high basketball IQ and is a good teammate. Then sign Mike James as your third point guard, a minimum veteran.
Next would be a 2 guard to backup Hamilton. A good shooter, maybe can get his own shot, tall, willing to play defense. Let Asik go and line up a big young center at a low price. Then maybe a backup 4 and the roster is set.
While you're doing that you need to see what teams are willing to trade something for Watson, Korver and Brewer before you release them. It doesn't have to be much a seond round pick or a small expiring contract. I'd see if anyone wants to sign and trade for Lucas, boy if someone wants him to fire up shots as the clock runs down help them out.
After this season and next you have Deng's contract expiring, Hamilton's deal expiring, Boozer to Amnesty, Butler and Teague with another year of experience, another draft, maybe some extra picks for those bench players. And hopefully you're not over the luxury tax like a lot of teams are going to be after this off season.