The Chicago Bulls were never expected to spend much money this offseason. They don’t really have the salary cap for that. Their only significant business was working out a contract extension for point guard Josh Giddey, who is viewed as a key piece in the team’s future plans. There is certainly justification for that thinking. He averaged 14.6 points, 8.1 rebounds, and 7.2 assists last season. He was also 37.8% from three-point range. There is no question he deserves an extension. The obvious issue is money.

Giddey wants the most he can possibly get. Chicago would like to secure him at something more affordable, giving them flexibility for the future. A major part of this is whether the guard and his agent can drum up interest from other teams. The problem is that the market only had one other significant option. That was the Brooklyn Nets. They had the cap wiggle room to make a competitive offer. That all changed when they swung a trade for Michael Porter Jr. from Denver. His $38 million cap number removed them from the Giddey sweepstakes.

No other team is in any position to explore him. That gives the Bulls tons of negotiating leverage.

Josh Giddey must hope the Bulls bid against themselves.

The prevailing rumor is he’s seeking around $30 million per year on his deal. That would put him in the same tier as names like Jamal Murray, De’Aaron Fox, and Jrue Holiday. Two of those guys are NBA champions, and two are All-Stars. Paying Josh Giddey that kind of money feels like it would be risky. The key for the Bulls should be one of two angles. Either they want him to take less money per year or fewer overall years on the contract. If he wants $30 million, then the Bulls should push for a three-year deal. If he wants something longer, then something in the $26-28 million range is preferred. Much depends on how keen Giddey is on staying in Chicago. There is no doubt he’d be the leading man on this team. That could be something he won’t want to walk away from.