The bulk of NBA free agency has largely already been decided, but Josh Giddey and the Chicago Bulls are still trying to reach a contract resolution ahead of a new season. Giddey is a restricted free agent, but anyone and everyone who had cap space has already spent their money, meaning the odds of him signing a large contract elsewhere are very slim.
Of course, the Bulls have the option to match any contract offer Giddey receives, but the real issue here may have to do more with the 22-year-old Australian native’s asking price.
According to the Chicago Sun-Times’ Bulls insider Joe Cowley, Giddey and his agents are reportedly seeking a contract worth roughly $30 million in average annual value. That’s a stark increase over the $8.3 million cap hit he had during the 2024-25 season with the Bulls.
“Because of the penalties in the first and second salary-cap thresholds now smacking teams in the face, players have been unable to involve teams in a bidding war. That’s where the Giddey situation stood Saturday. The Sun-Times reported last week that Giddey’s camp still was hoping for a contract akin to the $30 million per year guard Jalen Suggs got from the Magic, but the Bulls haven’t gone there. The dialogue between the sides has remained good, but there is still no resolution.”
Giddey arrived in Chicago via trade last offseason, and he enjoyed a strong debut season with the Bulls. Giddey shot a career-high 37.8% from 3-point distance, while also averaging a career-high 8.1 rebounds and 7.2 assists per game.
Still just 22 years old, if Giddey can continue growing his game offensively, especially as a scorer, he may very well be worth up to $30 million per season, if not more. But the Bulls apparently don’t think he’s there quite yet.
