If the Bulls intend to outright sign Carmelo this offseason, they will almost certainly try to trade Dunleavy's $3 million contract, likely seeking no money in return.
Dunleavy would be an expiring, could start at SF, and shoots 37.3% from 3 over his career. He seems to play decent defense (107 DRtg over career, gave up 10.8 PER to opposing small forwards this season according to 82games.com). I think we could trade Melvin Ely and Babbitt for Dunleavy (someone correct me if this math is wrong):
$1,448,490 (Ely) + $981,084 (Babbitt) = $2,429,574 (total outgoing salary)
$2,429,574 (total outgoing salary) * 150% + $100,000 = $3,744,361 (salary we can take back)
Dunleavy will make $3,326,235 next season.
For those interested in waiting until 2015 to make a big move, if Dunleavy were available for "free" as a one year rental, do you prefer him to other FAs on the market in 2014?