That's kind of the point I'm trying to make - they don't have valid contracts with any newco, so if they, like all other players, want out, then they're out. They have no value to the newco until they sign newco contracts.
If its a buyout then they will TUPE over and it will class as a continuation of employment. Their contracts will remain valid whether a newco is formed or not. Only if the Bulls are liquidated without a buyer would they become free agents.