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The Bulls did the once-unthinkable on Wednesday, trading former most valuable player and homegrown product Derrick Rose to the Knicks in a five-player deal. Here are three observations.

The Knicks got the best player in the trade

It feels too early to declare winners and losers in this trade, which can be justified from both franchises’ perspectives. But it feels right to say this with certainty: Despite three knee surgeries, Rose is the best player in the trade.

Rose is still only 27. He’s coming off his first season without a knee injury or rehabilitation from one since April 2012. He’s heading into a contract year. He still remains, in glimpses, that rare combination of speed and strength, able to solve defenses game-planned to stop him.

Rose should be invigorated by this trade and change of scenery. While he still cherished playing in his hometown, it had become somewhat of a burden after a certain segment of the fan base turned against him when he chose to sit out the 2012-13 season after surgery to repair his torn left ACL.

Look for Rose to have a standout season for the Knicks. That said …

The Bulls felt they had to make this Rose trade

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All signs pointed to Rose walking in 2017 free agency, a time he will seek maximum or near maximum dollars. So they proactively tried to wrangle assets for their former centerpiece.

When general manager Gar Forman didn’t trade Pau Gasol to the Kings at the February deadline, he said he valued Gasol’s salary-cap space — if, as expected, Gasol leaves in free agency — more than he valued the package the Kings offered. Clearly, the Knicks’ offer of Robin Lopez, Jerian Grant and Jose Calderon for Rose trumped that philosophy.

The Bulls would’ve strongly considered drafting Grant in the 2015 draft had he dropped to them at No. 22. Lopez will be the starting center. Both are on cost-controlled deals for three seasons, particularly in light of the rising salary cap. Calderon has an expiring deal.

That said, the Bulls clearly had to internally debate whether trading Rose or Jimmy Butler would best suit the franchise. Butler, a two-time All-Star entering his prime on a manageable contract, could’ve commanded a greater return. And Rose would’ve been rejuvenated to have the franchise he once owned returned to him, particularly in a contract year.

Trading Butler for a greater haul and seeing how Rose’s contract year played out — and perhaps revisiting a total rebuild and trying to deal him in February 2017 — had to be one option the Bulls considered. But for a franchise known for its conservatism, management did do something.

Keep in mind this is the Bulls’ “first step”

Those are the words Forman kept using in Wednesday’s news conference. He also reiterated management’s goals to get “younger and more athletic.”

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When the Bulls missed the playoffs for the first time since 2008 last season, management viewed their opportunity to retool/rebuild/whatever you want to call it as a two-offseason process. The Bulls could have $25 million to spend in free agency this summer, which is in the lower third of the league. Lopez’s deal cuts into their cap space for 2017, but it will be substantial.

With Thursday’s draft and goal to add more athleticism with the 14th pick and possibly two first-round picks next June if the Kings improve, the Bulls are beginning a new era. Butler is the centerpiece now. That’s still hard to fathom given Rose’s meteoric rise from 2008 to 2012. But it’s the Bulls’ reality.

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