The situation surrounding Josh Giddey’s contract negotiations is only just unfolding for the Chicago Bulls. After acquiring the 22-year-old point guard in exchange for Alex Caruso last offseason, the Bulls have chosen to navigate restricted free agency instead of meeting Giddey’s initial extension demands. With just over a month remaining before Giddey could enter the open market, the team faces a critical decision that could ultimately influence whether they sign him on favorable terms or risk losing him to another franchise.
NBA salary cap restrictions this summer limit the number of teams that can aggressively pursue Giddey. The Brooklyn Nets appear to be the only team able to offer a substantial competing contract that could pressure the Bulls. Absent significant external competition, Chicago may hold an advantage in securing Giddey at a price advantageous to them. Alternatively, Giddey could opt to play under his qualifying offer—valued around $11 million—before becoming an unrestricted free agent in 2026, but most players avoid this route due to the lack of long-term financial security.
Lessons from Past Contracts Shape Bulls’ Approach to Giddey
The Bulls could still decide to meet Giddey’s reportedly high asking price as soon as the negotiation window opens. However, reports indicate the organization is cautious, having learned from previous mistakes, such as with Patrick Williams last offseason. Williams received a five-year, $90 million guaranteed deal to deter him from entering free agency, a contract that now seems inflated and poorly timed in retrospect.
Giddey’s representatives have reportedly maintained a firm stance, seeking a five-year deal worth $150 million, similar to the contract Jalen Suggs secured last year. This $30 million average annual value (AAV) figure has been a major sticking point in talks, influencing the Bulls to delay offering an extension immediately. Many league insiders doubt Giddey will command that full amount on the open market, especially in light of current financial constraints across the NBA.
Industry Expectations Around Giddey’s Contract Value
Jake Fischer, writing for The Stein Line, conveyed that some league insiders expect Giddey’s eventual contract to be closer to five years for $120 million rather than the full $150 million demanded. Fischer clarified that this $120 million sum represents a conservative estimate from observers rather than an indication that Giddey himself has lowered his expectations. Starting guards in today’s NBA generally seek contracts at or above the $30 million AAV threshold. This suggests Giddey and his camp intend to maintain firm demands during talks but may ultimately have to compromise.
Saw some inaccurate aggregation about Josh Giddey from this piece. Did not write anything about the AAV Giddey is pursuing. Starters in this current NBA market routinely seek north of $30M in AAV. The 5/120 figure was only mentioned as a low-end projection from league observers. https://t.co/HkFfw1TFKj— Jake Fischer (@JakeLFischer) May 28, 2025
A deal averaging $24 million per year would be considered a strong outcome for Chicago given current salary cap restrictions. Any agreement below $30 million annually over four or five years could be viewed as positive for the Bulls, especially given the volatile financial environment in the league. While Giddey still needs to prove himself as a primary ballhandler capable of leading a winning team, his late-season progression and high-level playmaking ability underscore his rising value. Additionally, his rare size advantage at the point guard position adds to his appeal.
Balancing Potential and Financial Constraints in Chicago’s Strategy
The Bulls must weigh Giddey’s considerable potential when crafting their upcoming offer. His ceiling remains that of a $30 million-a-year player in the modern NBA, which complicates any effort to sign him for less without risking his dissatisfaction or departure. Despite this, securing Giddey at a lower rate would represent shrewd management amid a restricted salary cap era. Unfortunately, the Bulls’ recent track record in contract negotiations and asset management has tempered optimism about their ability to pull off such a deal.
For now, the Bulls seem poised to exert pressure on Giddey and his camp, hoping to leverage limited external competition and the uncertainties of free agency to negotiate a contract that benefits the franchise. How this strategy unfolds will have significant implications for Chicago’s roster construction and future prospects, especially as they try to build around a growing core centered on Giddey’s skill set, while navigating the challenges of NBA economics and player expectations.