It’s highly unlikely that he would have 8, but probably 7.
In 1994, the Bulls core championship team led by Scottie Pippen took the Finals bound Knicks all the way to a Game 7 in the second round. That Knicks team went toe to toe with Hakeem’s Rockets and ultimately lost in another Game 7. You add Jordan to that Bulls team? Very high chance they beat the Knicks and Rockets, thus winning the championship.
Now for 1995, this is where it gets trickier. In 1995, the Bulls no longer had Horace Grant or Bill Cartwright, two key bigs from the first 3-peat. They also do not have Dennis Rodman yet. Will Perdue was the big who was playing the most minutes on that team (only 20 min per game btw). So that team isn’t beating Shaq and Penny in the 2nd round, they have no big to guard Shaq with. No Rodman, no Grant.
In fact, Jordan was on the 1995 team and still lost. So we have concrete evidence they would have lost in 1995. But Jordan fans say he was ‘rusty’ that playoffs. Well, Jordan averaged 31.5/7/6/48% that playoffs. How much less rusty would he have to be in order to beat Shaq’s Magic? Could he have averaged 40/8/8 or something like that? That’s why I’m so hesitant on saying that Jordan would have won in 1995. He literally balled out that playoffs and still lost because the Bulls had no size that year. And even if they beat the Magic, they have to beat Hakeem and Drexler’s Rockets. Again.. who’s guarding Hakeem? It’s very likely that the Rockets would have beaten the Bulls in 1995 given that the Rockets got even better from 1994 adding Drexler, and the Bulls lost their key big men (which is crucial to beat a team who’s main superstar is one of the greatest centers of all time).
So Jordan would have likely won 7 rings, but not 8. He likely would have lost in 1995 regardless of if he was rusty or not.