I don't see how they're in a shitty position. They offer Lebron arguably the best chance to win over the next 5+ years. A major city where he can be the alpha dog on a team that has a lot of young, playoff experienced talent. Even if they strike out on Lebron and Wade, they still offer a really nice option for the other major free agents out there. I just don't think we'll have trouble convincing a Joe Johnson, Carlos Boozer, or Amare Stoudamire to play alongside Derrick Rose and Joakim Noah in a great city. And if they do strike out, they still have a young team that can afford to wait another year to try and grab Carmelo, Durant, or trade for a star.
I think the team that is in the most dangerous spot is the Knicks. They probably lose Lee this year and Galinari will almost certainly have to be part of any sign and trade. They traded Jordan Hill to free up cap room. They don't have a pick in this coming draft, have to swap with Houston in 2011, and don't have a 1st round pick in 2012 either. If they swing and miss on the top tier, they are looking at having to overpay someone like Joe Johnson and being a below average team for the next few years.
I'm not saying the Bulls are in the pole position, but I don't think the team is in a bad position.
LeBron to the Bulls? 3 GMs think so - TrueHoop Blog - ESPN