It’s August 21, and Josh Giddey remains a free agent. The beginning of the 2025-26 regular season is merely 61 days away, while training camp kicks off in 39 days. The once seemingly never-ending negotiating window is actually coming to a close.

Of course, just over a month is a long time in the NBA. For all we know, an unexpected trade could rattle the entire landscape, like a year ago, when the Minnesota Timberwolves sent Karl-Anthony Towns to the New York Knicks in exchange for Julius Randle days before training camp began.

Nevertheless, another deal of that magnitude appears unlikely, with the current restricted free agency conundrum shaping up as the biggest storyline of an otherwise quiet offseason. Giddey, along with Cam Thomas, Jonathan Kuminga, and Quentin Grimes, all remain unsigned.

Of the aforementioned players, only Giddey has reportedly been offered a contract somewhat within the realm of his asking price. According to multiple sources, including Chicago Sports Network’s K.C. Johnson, the Bulls proposed a four-year contract worth roughly $20 million per season to Giddey’s camp.

Still, $20 million annually isn’t to Giddey’s liking. The 6-foot-8 point guard is hellbent on $30 million per season, and rightfully so. Fellow point guards of similar ilk, Immanuel Quickley and Jalen Suggs, signed contracts north of $150 million. Chicago’s offer is obviously lacking, but that’s far from a surprise.

The double downside if Josh Giddey signs the qualifying offer

With no real threats from rival teams, the Bulls hold all the leverage in negotiations. Giddey’s decision comes down to re-signing with Chicago on a long-term deal at a perhaps reduced price or accepting the $11.1 million qualifying offer.

The latter is a particularly devastating scenario for the Bulls. First and foremost, if Giddey signs the one-year qualifying offer, he’ll be given no-trade protection, which technically isn’t the mythical no-trade clause. Instead, he’ll have the right to veto any trade. This specific instance applies to players who accept standard one-year qualifying offers as restricted free agents.

The most obvious repercussion is that if Giddey accepts the one-year qualifying offer, he’ll hit the 2026 offseason as an unrestricted free agent—leaving the Bulls at risk of losing the 22-year-old for nothing just two years after parting with All-NBA defender Alex Caruso to acquire him.

That naturally leads to the question: What was the point of trading for Giddey if not to secure him on a long-term deal? Chicago wants Giddey and vice versa, but at the end of the day, the Aussie prefers monetary security over everything else. If Giddey feels his future isn’t secure in Chicago, it’s quite possible the Bulls’ nightmare scenario might occur.