During the 2024 offseason, the Chicago Bulls made their first trade involving a player since 2021, sending two-time All-Defensive guard Alex Caruso to the Oklahoma City Thunder in exchange for former All-Rookie selection Josh Giddey. It was a controversial move at the time, but many Bulls fans viewed it as the first major step toward a rebuild and the start of a long-term partnership with the 21-year-old playmaker.

That vision looked even stronger after a borderline All-Star 2024-25 campaign in which Giddey averaged 14.6 points, 8.1 rebounds, and 7.2 assists per game. But just one year later, that long-term partnership is far from a sure thing.

Why negotiations are taking so long

The standoff mainly stems from the restricted free agent market. The Bulls have the ability to match any outside offer for Giddey, which greatly limits his leverage. With no teams having enough cap space to meet his asking price, Chicago holds most of the negotiating power. The only realistic path for another team to acquire him at this point in the offseason would be via sign-and-trade.

According to NBA insider Jake Fischer, the two sides remain far apart. The Bulls have reportedly offered a four-year, $80 million contract, averaging $20 million annually, while Giddey’s camp is aiming for something closer to $30 million per year. Neither side has shown signs of backing down, and that gap has forced a slew of rumors to be thrown their way.

The most notable of the rumors involves the Golden State Warriors, who reportedly have a strong interest in the Bulls guard. Golden State is dealing with a restricted free agent standoff of their own with Jonathan Kuminga, exploring a potential Kuminga-for-Giddey swap. But the financial logistics of the deal would be tricky, and the Warriors are hesitant to include additional pieces to make the deal work.

If those rumors fail to materialize, Giddey could still remain in Chicago, either by agreeing to a new deal or accepting the qualifying offer to stay for the 2025-26 season before becoming an unrestricted free agent in the 2026 offseason. Either way, the fallout from these negotiations could carry over into the season.

Potential side effects of the standoff

For Giddey, every cold stretch could bring added pressure, with conversations circling back to his contract, with fans and media questioning whether or not the Bulls overpaid. On the other hand, if he exceeds expectations, Giddey could grow frustrated after not receiving the deal he believes he earned.

From the team’s perspective, the effects might already be taking shape. Giddey seemed to develop strong chemistry with his teammates during the late-season surge in which the Bulls won 15 of their final 20 games on the year. Now, that bond could be overshadowed by the uncertainty as to whether or not they will be playing alongside one of the team’s core pieces for a season that starts in just under two months.

When the Bulls made the Caruso-for-Giddey trade, they did so for one guaranteed season of the young guard. The early signs have pointed towards a positive return, but the contract disputes between the star player and the front office can linger long after terms are settled. Locker room dynamics, trust between players and the front office, and focus on the court can all be affected.

Overall, the Bulls are working to balance roster stability with financial flexibility, while Giddey is trying to prove he is worth both the assets it took to get him and the payday he is seeking. However it may play out, the pressures and negotiating stances from this standoff will be remembered and taken into account in the future. The outcome of the 2025-26 season, whether it be with or without Giddey, will reveal a lot about how Chicago plans to navigate through the rest of the rebuild.