Definitely salvaging value for Sac.
For the Bulls I think it was much more about freeing up shots for White and minutes for Giddey and Buzelis, who put up 21/9.5/8.5 and 13/4.5/1.5 after the trade. Obviously they wanted off the $98M owed to 30 y/o salary too, but I think they saw Giddey as a special 21 y/o talent, were happy to trade Caruso for a distressed asset, and Giddey played like Luka after the trade on .500/.450/.800 splits with 14 double-doubles and 5 triple-doubles in 24 games. I think the pick back was more a bonus than the driver.
Not a huge sample size but not tiny either. Maybe Giddey finally turned the corner when he actually got to fully utilize his skillset and control the show, Bulls realized he'd never had that chance next to SGA and Levine.
Timing is great for Bulls, the Nets are the only team that can really make Giddey a big RFA offer, Bulls got their PG/SG/SF under control, the 4th most cap space this summer, '26 1st as at asset rather than to Spurs. Right now it looks like they have played this very, very well considering they were looking at dumping Levine with at least 1 1st a year ago, that's making lemonade.