Hamilton suffered a mild sprain of his right shoulder Monday against the Indiana Pacers.
Watson sprained his left ankle Sunday against the 76ers and missed Monday game. He was in a walking boot Wednesday.
Hamilton ran into Roy Hibbert 90 seconds into the game and did not return. Tests showed a contusion and mild sprain. He was walking with his arm in a sling Wednesday morning and doesn't sound like his return is imminent.
"Man, I'm just trying to lift my arm up. It's going to be ... I know ain't no miracle going to happen (Wednesday) or anything like that," Hamilton said. "It's just one of them things, I'm trying to get the swelling out. Just trying to get my range of motion back, so it's going to be a minute.
"It's sore. It still hurts. When I first did it I felt a pop. But when I ran down court, I could still move my hands and stuff like that, so I knew that one, it wasn't broke and stuff like that. But it was in a lot of pain just to try and lift my arm up and stuff like that."
The Bulls got some good news Tuesday from an MRI that revealed the mild sprain instead of something more serious.
"You never could tell with those things," Thibodeau said. "You're just hopeful that it's not, and it wasn't so we're encouraged by that."
The 34-year-old Hamilton has played in just 16 games this season as he battled groin and thigh injuries. After missing 13 straight games, Hamilton had started five in a row, averaging 5.0 points in 14.6 minutes during the stretch.
"It's crazy," Hamilton said. "Sometimes you say, 'Why you?' But that's a part of the game you have to deal with. It comes with the territory. It's just tough for me because I've never been like this my whole career. Especially one minute 20 seconds into the game; all these little freak things. It's crazy to me."
Thibodeau said he is not frustrated by Hamilton's limited time on the court and pointed to the Bulls' depth.
"We've had injuries throughout the year," Thibodeau said. "We're disappointed for him because you put a lot of work into it. But we feel good about all the guys that we have. We have more than enough to win with. (Ronnie Brewer has) played extremely well as a starter. So we feel good about that and our bench has played great all year long."
Hamilton believes the condensed schedule caused by the lockout has had an impact with injuries.
"From the whole league's standpoint, you see guys going down left and right," Hamilton said. "With all the back-to-back games and things like that, travel and everything; people don't look at it, but it has an effect. You've seen it in football. You don't want to say it, but it's one of them things that your body's not accustomed to going this way all the time. But it is what it is, you've got to deal with it."
Watson admitted that it may not have been the best decision to re-enter the game against Philadelphia after initially injuring the sprained ankle in the second quarter.
"I just was playing off adrenaline," Watson said. "Just trying to get back out there. Sometimes I think it was a bad idea because my foot was worse the next day."
Thibodeau wants Hamilton and Watson to just focus on their rehab before they talk about a return to the court.
"You never know how they're going to feel (Wednesday)," Thibodeau said. "That's the way I want them to approach it. Put a lot of work into your rehab, do as much as you can, and then when you're ready to go, you're ready to go."
Watson said he hopes to return this weekend or early next week.