The Bulls will trade Kirk Hinrich and the 17th pick in the NBA draft for a conditional future second round pick. Note this trade will likley happen, but is not official until July 8th. The reason for the trade was to give the Bulls more salary cap space to sign premium free agents such as LeBron James.
For the Wizards, this trade gives them more guard depth, which in the fantasy world means the fantasy potential of some guards was reduced. Those potential victims are Hinrich himself, Shaun Livingston, Nick Young, and Randy Foye. At times Young showed he may have some potential for scoring, but the Wizards are apparently signing Hinrich for the depth they feel Young will not provide. Shaun Livingston ended last season on a good note averaging 15 points and 6 assists over his last eight games. The arrival of Hinrich, along with the drafting of John Wall and the continued presence of Gilbert Arenas makes his resurgence with the Wizards unlikely. Randy Foye may be able to maintain some value, as a fairly proven player, but it may require Gilbert Arenas being traded (something the Wizards would probably be happy to do) for this to be realized.
In Chicago, Hinrich's playing time varied from around 28 mpg to a peak of 38 towards the end of the season. The more extended playing time came after John Salmons was traded. With the Wizards, with Wall and Arenas likely starters, Hinrich will probably be in the high 20's and fantasy owners should value him accordingly.
The impact of Hinrich leaving Chicago remains to be seen after they spend their free agent money. I think we all know they will not enter the season with Flip Murray as their starting shooting guard.