Jonathan Kuminga isn’t the only restricted free agent being held up in negotiations this offseason, as Josh Giddey and the Chicago Bulls have yet to find common ground on a new contract. The main difference between Giddey’s situation and that of Kuminga with the Golden State Warriors is that all signs point to the 22-year-old guard remaining with the Bulls.

Unless something drastically changes in negotiations between the two sides, Giddey will remain in Chicago for the foreseeable future. However, what his new contract will look like remains a mystery one week into August.

To this point, teams around the league have not pursued Giddey as a restricted free agent. It is known that he and the Bulls hold mutual interest in a new deal, and there has not been any discussion of a potential sign-and-trade elsewhere.

The Bulls traded Alex Caruso for Giddey with the mindset of the Australian guard being a long-term part of their future, and that has not changed. Even though Chicago had hoped for negotiations to go smoother than they have, the expectation for this organization has not changed.

Almost all of the restricted free agents this offseason have completely oversold their value. While it is common for free agents to try to inflate their price, some of these starting prices have been out of control.

Just like how Kuminga was originally seeking $30 million per season on a new deal, Giddey was also comparing himself to those receiving this type of money.

Jalen Suggs, who signed a five-year, $150 million extension with the Orlando Magic, and Immanuel Quickley, who signed a five-year, $162.5 million extension with the Toronto Raptors in 2024, have been the two players Giddey’s side has brought up as comparable in negotiations.

From the Bulls’ perspective, they have stuck to their $20 million annual average value range on a new contract since Giddey is still a growing player and has yet to reach the All-Star level everyone believes he can achieve. The problem with comparing Suggs and Quickley to Giddey is that they were beneficiaries of increased market value in the offseason they received these deals.

That is not the case right now with the Bulls guard.

Recently, rival agents not involved in negotiations suggested something in the $65 million to $70 million range on a three-year proposal to ClutchPoints. Could that be the deal Giddey and the Bulls wind up agreeing to?

What contract should Josh Giddey receive? 

Giddey won’t be getting a contract in the $30 million per year range. It is crystal clear the team doesn’t want to offer that large of a contract, and Bulls insider K.C. Johnson also confirmed such.

With this said, it’s hard to imagine that he will accept a deal valued exactly at $20 million per season.

The Bulls and Giddey can easily come to a compromise to resolve their free agency standoff, especially considering that the young guard wants to secure his future — both financially and in terms of his status in Chicago.

In 70 games last season, he averaged 14.6 points, 8.1 rebounds, and 7.2 assists per game while shooting 37.8 percent from 3-point range. Next to Coby White, Giddey has proven that he can help revitalize a Bulls franchise that has underperformed expectations for far too long.

Finally, this organization has a path forward with Giddey, White, Matas Buzelis, and other young talents. That is why securing Giddey’s future and agreeing to a compromise before the end of August appears to be the likeliest path.

This is what a hypothetical contract proposal between the two sides should look like:

• Three-year, $70 million contract [AAV of $23.3M per season]
• Player option in Year 3 (2027-28 season), allowing Giddey to maximize value with Chicago

Another suggestion that seems to make sense when discussing a potential compromise is a flat four-year, $100 million deal that would see the young guard make an average of $25 million per season. After all, $25 million is the common ground between the $20 million AAV the Bulls are offering and the $30 million AAV Giddey’s camp wants.

How this deal benefits Josh Giddey

As proposed, this three-year structure keeps Giddey on a team-friendly deal where he can develop further for the next two seasons before he can cash in on his progress. Although he wants to be paid like other young guards recently receiving big contract extensions, that will not happen for Giddey this offseason.

That is why reaching a compromise with the Bulls is the only path forward.

Unlike the Kuminga situation with Golden State, Giddey is not threatening the idea of accepting his qualifying offer because it would not do him any good. No ill feelings exist between the player and organization here, other than the fact that they need to find common ground on money.

Unlike guys like Suggs and Quickley, who have established key roles with their organizations through the years, Giddey only has one year under his belt with the Bulls.

Continued success and taking on the role of being this young group’s leader will only increase his value in two years, when he could opt out and become a free agent again through this proposed deal.

Of course, accepting a deal less than the $30 million AAV that Giddey wants allows Chicago to remain in a strong financial position. This is also advantageous to Giddey since it would allow the organization to make the necessary moves to succeed and win in the Eastern Conference.

How this deal benefits Bulls

It is definitely a possibility that the Bulls give in a little bit to Giddey’s demands and settle on a contract in the $25 million per season range. That is why the idea of a four-year, $100 million proposal was also proposed.

However, a three-year contract seems to make the most sense from the organization’s perspective since the Bulls haven’t tied themselves down to long-term money.

Only Patrick Williams, Isaac Okoro, Jalen Smith, Tre Jones, and the team’s recent first-round picks are under contract past the 2025-26 season. Chicago has plenty of financial flexibility, and keeping Giddey on a deal below $30 million in AAV ensures that the Bulls can be aggressive in their pursuit of talent on the open marketplace in the future.

Not to mention, Coby White is entering the final year of his contract and will be an unrestricted free agent next summer.

After seeing his name pop up in potential trade conversations over the last few months, it has become clear that the Bulls intend to keep White next to Giddey moving forward.

Chicago can keep their young backcourt duo together with this three-year, $70 million contract for Giddey.