There have always been some basics in discussing the fortunes of the Chicago Bulls over the last four years. There would, for instance, be the obligatory laugh track. There'd be the grumbling presence of the general manager, Jerry Krause. There'd be uniform scorn and ridicule.

	After some down times, things are looking up for Jerry Krause and the Bulls.

All of it was justified. Over the last four seasons, the Bulls have re-defined the concept of losing, to the point where the franchise went from enviable to laughable overnight. Through it all, Krause took the many hits that came his way, the same man who preened through the 1990s as his teams won six world championships, most of them with the players he brought in. (The one, rather notable exception: Michael Jordan.)

You take the good with the bad. Krause soon discovered that the six rings and championship banners and the "opportunity" to be a part of the Bulls "tradition" meant nothing to today's players. The difference makers want two things: money and a chance to win. Krause only had one of those at his disposal -- cash -- and it wasn't enough. He was used, abused, manipulated, humiliated and stoned at every turn in his efforts to affect a quick turnaround through free agency.

So he did the only other thing. He built through the draft. Terrible teams brought him Elton Brand, Marcus Fizer, Jamal Crawford, Tyson Chandler (for Brand via trade), Eddy Curry, Trenton Hassell and now, the cherry on the sundae, Jason (call me Jay) Williams. A trade brought him Jalen Rose. Eddie Robinson, a fringe free agent with hops, decided to take Krause's money.

What you now have is a team that's worth watching, both from an entertainment standpoint and, much to the chagrin of Krause's 14 Eastern Conference colleagues, from a potential success standpoint. The Bulls are still young, probably too young to make a real splash next season. Beyond that? Well, we'll let Celtics general manager Chris Wallace issue the one-warning-covers-everything: "I won't be looking forward to playing them."

Is this redemption for the oft-maligned Krause? He would probably dispute that any such concept was even possible. He always has been a guy who prefers his own company, who, until recently, was obsessively clandestine with every personnel move and who, because of his appearance, generated little sympathy and a lot of derision. Put it this way: If Krause looked and talked like Dave Checketts, much of the abuse would never have happened. He was -- he is -- an easy target.

But a lot of people now agree with Wallace. Krause probably is going to field a call anytime soon from Michael Jordan, asking for a free agent contract to come back and finish his career where he started it. The Bulls could be that attractive -- and sooner rather than later.

They have size and athleticism in Chandler, who a lot of people feel will be a superstar once he learns to shave. Curry is a bit behind, but not by a lot, and he also has size and girth. It isn't hard to envision a Chandler, Curry, Rose front line, which could do damage from within and without as long as Rose agreed to pass the ball once in a while.

Krause then got lucky in this year's lottery, finishing No. 2 to a team (Houston) that had no desire to pick the guy Chicago needed and wanted -- the dynamic, talented, leader-in-waiting Williams. Krause now has his point guard. He also has cap room, which might be used to attract a free agent. He also has bodies to offer up, decent bodies, such as Crawford and Fizer. In other words, he's got many fingers in the pie and he'll be able to do things this summer.

Williams already has done what few did before him -- expressed a desire, a sincere desire -- to actually play for the Bulls. Krause also finally came to his senses last season and dismissed fishing buddy Tim Floyd, a decent fellow who was never given a real chance to succeed. In the low-key Bill Cartwright, the Bulls now have someone who knows the game, was an ex-player, and followed the George Karl Path To Success by apprenticing to Floyd and the sainted Phil Jackson for six-plus seasons.

So much has changed, but the one basketball operations constant has been Krause, now thought to be nearing retirement. (It will likely be his call. If he managed to survive the last four years, there isn't much else that could validate a firing.) He was openly, and deservedly, mocked for his statement that organizations, not players, win championships. Truth be told, he was half-right. He just emphasized the least-important half, which we all saw come to light since Jordan's buzzer-beater in the Delta Center in 1998.

Since that shot, the Bulls have gone through 50 players. They've lost 230 games, the single worst four-year win/loss percentage this side of the Washington Generals. They've lost their longtime public address announcer, their swagger and their undeniable cachet.

What they did not lose was the hope and the expectation that someday, somehow, things had to turn around. Krause embodied that hope, although there were times when he came across as near delusional in expressing it. He has gambled (Brand for Chandler) and asked, by his deeds, for patience in a league which, like time, waits for no one.

The response, until now, has been a combination of apathy and mockery. But Krause is still there. He has a young, energetic, talented team potenially ready to, at last, make the Bulls relevant again. The NBA has been a league based on speculation and potential for some time. No one has speculated more than Krause over the last four years. His time may, finally, have come. Again.

Peter May, who covers the NBA for the Boston Globe, is a regular contributor to ESPN.com.