Luka Dončić on Aug. 2 signed a three-year, $165 million contract extension with the Los Angeles Lakers. Dončić’s new deal includes a player option, something the Chicago Bulls should consider offering Josh Giddey in their quest to lock down the floor general long term.

To state the obvious, Giddey isn’t Dončić and won’t ever see the kind of money the Lakers star will. But he’s a key cog in the Bulls’ system, and the organization wants him to stick around. The two sides have yet to reach an agreement, however, and with Giddey hoping for $30 million per year on his extension and Chicago aiming closer to $20 million, there’s a significant chasm.

Dončić’s new deal includes a player option on that third season; should he opt out, he stands to land the richest contract in NBA history. The Bulls can take a page out of LA’s playbook and use it to finally re-sign their prized restricted free agent.

Bulls should offer to insert player option in Josh Giddey’s new contract

Dončić’s player option will allow him to opt out in the summer of 2028 and sign a five-year deal worth more than $400 million if he so chooses, per insider Marc Stein (subscription required). Chicago could give Giddey the chance to do the same, albeit not to make close to half a billion dollars.

All reports point to Giddey and the Bulls finding common ground before the 2025-26 season starts. It would be simpler, though, at least theoretically, if more choices were involved for either side.

Chicago could relent and give the 22-year-old the $30 million per year he wants, or close to it, but make the final year of the new deal a team option. That would protect the Bulls if Giddey gets injured or fails to live up to that lofty sum of money.

Or, Chicago could remain stubborn on its offer of $20 million per year but give Giddey a shorter deal with a player option in the final season, like Dončić received with the Lakers. If Giddey outplays his salary, he can cut the deal short and enter unrestricted free agency, avoiding a repeat of the RFA mess he’s locked into this offseason.

Giddey will only be 25 if he hits the market again in 2028. According to RealGM, the 2028-29 NBA salary cap is projected to be $181.2 million. This season, it’s $154.6 million. Not only will more than one team presumably have money to spend, they’ll have almost $30 million more to play with when attacking free agency in three years.

Emulating the Dončić contract and giving Giddey a player option could be the ultimate piece to the Bulls finally re-signing their franchise point guard.