Last year, following six seasons among the dregs of the NBA, the Chicago Bulls surprised hoops fans by winning 47 games and finishing with the fourth-best record in the Eastern Conference. Seven of the nine players in their rotation were under 25, which led to a pervasive sense that they would join the Eastern Conference elite and remain there for many years to come.

Not so fast. Going into last night’s game with Seattle, the Bulls were 12-18, in last place in the Central Division, and stuck in the freefall of a seven-game losing streak. Was last season just a fluke?

Instead of howls of despair, the primary response from the Chicago hoops community has been one of muted frustration. Nearly every basketball pundit figured the Bulls would take a step back this year before becoming a force in the league. Much of their success last year owed to an unbelievable amount of hustle and hard work – solid attributes, to be sure, but because opponents can adjust to intensity level, it’s less likely to be a sustainable source of success than a particular skill, like outside shooting or rebounding.

Further adding to the prognosticators wariness was that while the public face of the Bulls’ success was worn by youngsters like guards Kirk Hinrich, Ben Gordon, and Chris Duhon and frontcourters Luol Deng, Andres Nocioni, and Tyson Chandler, Chicago received key contributions in the paint from former Knick Othella Harrington and current Knick Antonio Davis. Neither of these older interior reserves seemed likely to repeat their 2005 performance.

Still, few of the forecasts called for the Bulls to be in the Central Division cellar 30 games into the season. That the Bulls have struggled on the offensive end is no surprise. Last year’s team was an offensive mess, finishing 26th in the league in Offensive Efficiency (points per 100 possessions), and often requiring late-game heroics from Gordon, who led the league in the bizarre but useful statistic of fourth quarter scoring. Gordon came through with uncanny consistency last season, earning himself the Sixth Man of the Year Award in the process.

During the off-season, the Bulls traded center Eddy Curry – their other primary offensive threat – to the Knicks in exchange for Michael Sweetney and a first-round draft pick in 2006. Sweetney has been a mild disappointment thus far, averaging 11.1 points and 6.2 boards in only 22.6 minutes per contest, as opposed 16.1 and 5.4 in 28.7 minutes last season. On top of that, Sweetney’s poor defense has led to frequent foul trouble and limited playing time.

Gordon has also gotten off to a disappointing start, shooting just 38.9% from the field. The struggles of Sweetney and Gordon have offset the improvements of Deng and Duhon.

The biggest falloff has occurred at the defensive end. Last year’s Bulls ranked second in the league in Defensive Efficiency – thanks in part to Tyson Chandler’s formidable presence in the middle and an in-your-face style that conceded no easy shots – and second in opponent field goal percentage. This year, those rankings have slipped to 15th in Defensive Efficiency and 14th in opponent FG%.

The primary culprit is Chandler, who has tried to play through a variety of ailments and injuries; the 7-footer has yet to consistently perform at last year’s high level.

Without a shot blocker to catch their backs, the Bulls have had to play more loosely in the man-to-man coverage and their zone has lacked its usual bite. Also, the loss of Davis, who came to the Knicks as a throw-in in the Curry trade, has hurt the team; neither of the Bulls off-season signings – Darius Songalia and Malik Allen – have filled his role as a solid defensive reserve in the paint. It’s unusual to say about a team that starts the 270-pound Sweetney, but the Bulls have been noticeably thin on the frontline this season.

The other key factor in the Bulls decline has been context. Last season, the team surged through a slumping division. Indiana was laid low by suspensions and injuries; the Bucks, a surprise team in 2004, fell back to earth; the Pistons took a long time to get untracked; and the Cavaliers peaked around Christmas. Not this year. All four of the Bulls’ divisional foes are locked and loaded, and Chicago is 0-5 against them.

Still, the Bulls have problems many teams can envy. At 12-18, they’re only a game out of the final playoff spot in the East. Also, Gordon figures to find his shot (he’s shooting better from behind the arc than inside it right now), no one is forecasting long term problems from Chandler’s injuries, and Sweetney, despite his slow start, is still averaging a respectable 17.3 points for 40 minutes.

Coach Scott Skiles will have to tweak his defensive game plan to minimize the impact of Sweetney’s weaknesses so that the big man can stay on the floor and be the primary low-post offensive threat. While only their hardest core fans still expect 47 wins, it would be a surprise not to see the Bulls pull out of their rut and make the playoffs.

The Bulls’ most potent threat lies after the playoffs, when they will have a rare opportunity to bolster their young core. Chicago has two first-round draft picks, their own and the Knicks’ pick, (which will probably land them in the lottery), and nearly $20 million in cap room thanks to the expiring contracts of Tim Thomas and Eddie Robinson. The team’s needs couldn’t be more simply stated: someone to provide instant offense and some depth in the pivot.

With two first-round draft picks and a boatload of cash, even former Knick GM Scott Layden could probably fill those voids. So while the Bulls’ present isn’t as bright as it seemed when the season began, their future as a major player in the Eastern Conference still seems assured.

mjohnson@nysun.com