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Be glad you’re not Jerry Krause.

That’s because in the next two days, the Bulls general manager has to make perhaps the most important decisions in his tenure with the team, decisions that could determine the franchise’s fate for the next decade.

Principally:

– Do you try to trade for a much-needed shooting guard and make a run for a fourth-straight NBA title? Last week’s losing streak was less reason to panic than proof of coach Phil Jackson’s and Scottie Pippen’s assertion the team needs another scorer, especially the way the bigger guards of Miami and Denver overran the Bulls.

But if the Bulls deal, that undoubtedly would require surrendering No. 1 draft choices. And if the Bulls don’t win now, they may not be in position to rebuild without those picks.

– Do you try to trade either Horace Grant or Scott Williams?

They’re both unrestricted free agents and have given strong indications they’ll leave the team after this season.

If they do go, the Bulls end up with nothing in return, meaning that in less than two seasons, counting the expected retirements-forced or otherwise-of Bill Cartwright and John Paxson, the Bulls will have lost five of the top seven players from their three championships and gotten nothing in return.

But if they trade Grant or Williams, it’s hard to imagine the Bulls competing for a title this season because Grant is their best offensive rebounder and interior defender; Williams their best all-around center.

There appear to be no simple answers. But the Bulls have gone a long way toward putting themselves in this predicament by not re-signing two of their top players.

One reason is Krause always had been wary of Williams because of his emotional nature and never made him a significant offer. Meanwhile, the Bulls have fallen victim to their own hubris with Grant, believing all along he would re-sign with them while continuing to alienate him.

The latest misadventure involved the team incredibly labeling Grant’s flu a “sore throat,” holding Grant up to public ridicule for missing a game.

But having gotten this far, it’s now not easy to deal Grant.

The 76ers, for instance, again considering dealing Jeff Hornacek, figure they can wait two months and get Grant or Williams for just money.

So now teams are asking for No. 1 draft picks in addition to players.

Krause never has traded No. 1 picks before the draft, in part because it negates the need for college scouting, which remains his passion, but also because a major injury can change a team’s fortunes quickly.

But there’s little need to hold onto this year’s pick because it’s clear the Bulls will make the playoffs.

But questions remain beyond that. If the Bulls lose Cartwright, Paxson, Grant and Williams, and Michael Jordan doesn’t return from retirement, Pippen already is hinting about a holdout if the Bulls give Toni Kukoc a new deal. And Bill Wennington and Steve Kerr also are free agents, as Kukoc technically will be. And what if Kukoc decides to return to Europe? Yikes, what a team that could be next season.

There has been talk the Bulls might swap Grant for Danny Manning or pursue Manning as a free agent, even if he’s traded this week. But Manning already has turned down $5 million from the Clippers. If the Bulls won’t pay Grant $4 million, why pay Manning 25 percent more?

While all this is happening, the Bulls’ rivals aren’t resting.

The Knicks, with the trade deadline at 8 p.m. Thursday, continue to pursue Manning and supposedly have a three-way deal involving Sacramento and not costing New York one of its top seven players. The Heat, Magic and Hawks also are battling for Manning, and the Pacers have talked about getting point guard Mark Jackson.

The Warriors, here Wednesday, have done some dangling of Billy Owens and Chris Mullin, who could wind up in the Eastern Conference. Sean Elliott, Ken Norman, Blue Edwards (to Atlanta), Harold Miner and Robert Horry are other names several Eastern contenders are talking about.

The Bulls made runs at Minnesota’s Doug West and Utah’s Jeff Malone as well as Manning, but have offered little of interest. So maybe they’ll take a run at Mark Aguirre?

In the past, because Jordan compensated for so many mistakes, on and off the court, the big decisions were little ones: Whether to sign Cliff Levingston or trade for Dennis Hopson, Rodney McCray and Bobby Hansen. The biggest decisions, other than the Cartwright-for-Charles Oakley deal almost six years ago, were in the draft.

But the Bulls are way beyond that now.

They still have Jordan’s $2 million salary slot-one-half of the retired star’s annual salary-but have shown little inclination to spend it. They’ll have another big slot when Cartwright leaves, but if they don’t get Manning and lose Grant, there won’t be many free agents worth the $3 million to $4 million per year that slot would accommodate. Ron Harper for $3 million when they wouldn’t pay Grant $4 million?

And what would Pippen, who’ll earn $2.25 million in 1996, say about that?

The Bulls could pull it all together by signing Grant, but that would probably take a $5 million per-year take-it-or-leave-it offer now. Maybe it’s finally time for the Bulls to share all those millions they’ve made in recent years.

But if they won’t overpay for Grant, will they overpay for a free agent, which is what it will take. And they never have.

Should they trade now and make that last title run, or rebuild? But can they rebuild, even with all their draft picks, with Pippen, who’s so talented he’d never let the team fall much below .500?

Tick, tick, tick. It’s time to do something.