You're basically right, the $600k is what the Bulls can pay without it counting against the salary cap, they can pay his whole buyout put it counts as part of his contract and against the cap. The Bulls can use an exception to sign him since he's no longer bound to a rookie contract as of this summer. But as you said, it's unlikely you're going to be able to get him for cheap. He's supposed to be a stud though so he might be worth it even if he is the only impact free agent the Bulls sign.
I think the most likely outcome this off-season is the team stays mostly as is (including not amnestying Boozer), and the Bulls use the full Mid Level Exception to sign Mirotic. They try to re-sign Hinrich, Augustin to deals similar to what they have now and a center for veterans min. That plus the 2 first round draft picks, should bring the team up to 13 players. Then the Bulls will try to deal Boozer's expiring during the season to avoid any potential luxury tax hit. (Also Butler needs to be re-signed after the 2014-15 season, so space needs to be saved for that)
Team would consist of: Rose, Hinrich, Augustin, Butler, Snell, Dunleavy, Boozer, Gibson, Noah, Mirotic, Backup Center, 2 first round draft picks.
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