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Bulls trade Smith and Randolph for cap space

As expected, the Bulls traded away Greg Smith and Anthony Randolph on Monday.

Smith, signed with the Bulls in April after being waived by the Houston Rockets. In exchange for Smith, the Bulls acquired the rights Tadija Dragicevic.

In a seperate deal, Randolph -- who was a draft- day acquisition in a trade with Denver that landed the Bulls Doug McDermott- along with cash considerations and two future second round picks was shipped to Orlando, while the Bulls acquired the rights to Milovan Rakovic. Rakovic was acquired by the Magic in 2007 but has played in the NBA.

The moves gives the Bulls the necessary cap space to complete the signings of Pau Gasol and Nikola Mirotic.

Gasol is expected to sign a three-year deal worth $22 million while Mirotic will be paid using the midlevel exception for $17 million over three years.

Kirk Hinrich also agreed to terms with the Bulls for a two-year deal worth $5.6 million, which was less than he could have received with offers from Charlotte and Utah.

The Bulls have until Wednesday to use the amnesty provision on Carlos Boozer, who they were unsuccessful with in trying to pull off sign-and-trade deals to remove the final year of his $16.8 million.

Barring another move to add some additional help on the wing, the Bulls roster appears to be set with Derrick Rose and Jimmy Butler in the backcourt. Mike Dunleavy and Taj Gibson at the forward spots and Joakim Noah at center.

Pau Gasol and Nikola Mirotic will shore up the frontline off the bench, followed by Tony Snell, Doug McDermott, Cameron Bairstow and Kirk Hinrich. There's also the three unguaranteed contracts of Ronnie Brewer, Mike James and Lou Amundson.