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Powell agreed to a two-year, $45 million contract with the Bulls on Wednesday, Shams Charania of ESPN reports.
Powell has averaged at least 21 points per game in each of the past two seasons, including his first All-Star appearance during his age-32 campaign with the Heat in 2025-26. However, the veteran will now join his third team in as many years, likely serving as the starting shooting guard next to Josh Giddey in Chicago's backcourt.
Powell is unlikely to re-sign with the Heat this offseason, Shams Charania reported Tuesday on The Pat McAfee Show.
Powell is an unrestricted free agent this summer, and it sounds like Miami is preparing to go in a different direction as it tries to manage its payroll following Monday's acquisition of Giannis Antetokounmpo (calf). The All-Star guard averaged 21.8 points, 3.2 rebounds, 2.1 assists, 1.2 steals and 3.0 three-pointers in 32.6 minutes per contest through 60 regular-season games last year, so his market value could be higher than the Heat are willing or even able to meet.
