Depending on where you look, Rip's contract beyond this year is either a team option or only worth $1 million guaranteed. So it's possible that he could be moved to a team looking to shed longer-term salary commitments.
Bulls are right up against the taxpayer threshold, though, so any move would have to bring them back less salary for this year. Could make things a little tricky for them. And, if the Bulls are making a playoff run when Rose returns, they may prefer to keep Rip's shooting (assuming he's healthy).
He has only 1M guaranteed for next year. And you are right they can only add 1.2M if they wanna stay under the tax. That's why their most obvious trade partners are teams that are under the cap.
Mark Deeks @MarkDeeksNBA
Additionally, adding Cook's salary means the Bulls can only take back $1,235,916 when inevitably salary dumping Rip to stay under the tax.