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Josh Giddey, Chicago Bulls

The Chicago Bulls have yet to reach an agreement with Josh Giddey over a new contract. Therefore, the playmaking guard is still a free agent. Giddey is reportedly seeking a $30 million per year deal, similar to that of Jalen Suggs with the Orlando Magic.

In the latest episode of Chicago Sports Network’s “The Fastbreak,” Bulls insider K.C. Johnson provided an update on Giddey’s contract situation. He noted how the Bulls are unlikely to offer a contract in the region of $30 million per year.

“The Bulls and Giddey want to get a deal done,” Johnson said. “I don’t have particular numbers other than to say that Josh Giddey’s $30 million a year price tag that has been well-documented in media and out there since last fall when the rookie contract extension was discussed, has not ever crossed my radar. I have never heard the Bulls mention that number. So I would not expect Josh Giddey to sign a $30 million deal.”

This year’s free agency market has been rather subdued. Most of the major moves have occurred via trade. Therefore, the Bulls aren’t competing with offers from other franchises, which should give them some negotiating power when sitting down with Giddey’s representatives.

Chicago is in The Driver’s Seat

During a recent episode of “The Chicago Lead,”  Johnson explained how Chicago is operating from a position of strength in their negotiations with Giddey.

“The Bulls have been able to talk with his representatives, as they did last fall when there was a rookie contract extension in play,” Johnson said. “And no deal. So this supports what I’ve been reporting, that the Bulls are negotiating from a position of strength. That’s not to say they don’t want Josh Giddey back. That’s not to say they traded Alex Caruso for a guy they’re going to let walk. What it is to say is they have learned from the Patrick Williams situation, where they very proactively outbid the competition.”

Giddey has undoubtedly proven himself to be a future star for the Bulls franchise. However, the front office has to ensure it isn’t hamstringing it’s future flexibility by securing Giddey’s long-term commitment to the team.

Bulls and Giddey Are Still Far Apart

In a July 3 update from ESPN’s Bobby Marks, it was noted that there’s still some ground to cover between Giddey and the Bulls front office.

“Josh Giddey, I’m going to say, I said this on SportsCenter, in the last 10 years, we’ve had five players sign qualifying offers. And what the qualifying offer does is it’s a one-year contract, and then you become an unrestricted free agent next offseason. Because it’s a one-year contract, you have full authority on any trade. So you have veto power on trades. The problem is that if you approve a trade and you are traded to that team, you will lose your bird rights…I made a joke during our production meeting, that they’re about the Gulf of Mexico apart.”

Chicago has made it clear that it wants to keep Giddey around. His limited free agency market should help ensure a deal is eventually found. No matter what happens, Giddey is still receiving a substantial pay rise. Furthermore, he’s young enough to continue increasing his value ahead of his next free agency.

With Las Vegas Summer League drawing closer, both sides will likely want to secure a deal in the near future. After all, Giddey needs to focus on his development this summer. That will be easier to do once his future is sorted out. Extending his stay in Chicago makes sense for everyone involved.

Adam Taylor is a basketball reporter covering the Boston Celtics and Phoenix Suns for Heavy. He has also written for CelticsBlog, USA Today, Yardbarker and FanSided. Adam has a bachelor’s degree in creative writing from Open University. More about Adam Taylor