Chicago Bulls
For the Bulls, they are basically giving up Nikola Vucevic to get Huerter (again, a player who they are very interested in).
Vucevic is entering his age-34 season, coming off the worst season of his career (lowest Estimated Plus-Minus of his career, per Dunks & Threes), and still has two years left on his three-year, 60-million dollar contract. If the Bulls can get off him without having to attach any of their own assets, I'd consider that a pretty huge win.
On top of that, they are getting Huerter – a player who is coming off a down year but still in the prime of his career (entering his age-26 season) and on a much more team-friendly deal than Vucevic (he's on the third year of a four-year, 65-million dollar contract).
Huerter is still a starting-caliber player in this league, and when you look at recent trades, those types of players tend to be worth the equivalent of a first round pick on the open market. Here, the Bulls are getting him in exchange for a negative asset in Vucevic.
This all says nothing about how much of a help his shooting and spacing will be as this team looks to re-tool/rebuild around the newly acquired Josh Giddey. It's safe to say that this hypothetical trade would be the best one the Bulls have made in a long time if it comes to fruition.