The Chicago Bulls and restricted free agent Josh Giddey are advancing in talks toward a new contract deal expected to conclude by the end of August. This negotiation is key to securing the 22-year-old guard’s future in Chicago as the team aims to keep him as a central part of their rebuild.
NBA insider Brett Siegel revealed that both sides are discussing a contract likely spanning three years, with the Bulls focused on an average annual value near $20 million. Industry speculation from agents outside the negotiation circle indicates the contract may range between $65 million and $70 million overall.
Josh Giddey’s Role in the Bulls’ Rebuilding Strategy
Giddey arrived in Chicago last summer after a trade that sent Alex Caruso to the Oklahoma City Thunder. His first season with the Bulls highlighted his potential as a foundational piece for the franchise’s long-term vision. Despite his strong performance, a lack of extensive interest from other NBA teams has limited his leverage in these talks.
According to an anonymous executive from the Bulls’ front office, the organization views Giddey as indispensable. During a discussion with Keith Smith of Spotrac at the NBA Summer League, the executive emphasized:
We want to get a deal done with Josh. He’s as important of a player as we have. We see him as a foundational player for us. I hope we can find a deal that makes sense for us and him and that we’ll be together for a long time.
—Anonymous Bulls front office executive
Financial Details and Contract Expectations
Reports vary on the exact financial terms Giddey and the Bulls are considering. While some sources indicate Giddey is seeking a contract worth about $30 million annually, Bulls insider K.C. Johnson challenged this figure, casting doubt on its accuracy.
Johnson stated:
The Bulls and Giddey want to get a deal done,
and added,
I don’t have particular numbers other than to say that Josh Giddey’s $30 million a year price tag that has been well-documented in media… has not ever crossed my radar. I have never heard the Bulls mention that number. So I would not expect Josh Giddey to sign a $30 million deal.
—K.C. Johnson, Bulls insider
Considering these perspectives, a compromise near $25 million per year seems more plausible for both parties as negotiations continue.
Possible Contract Structure and Future Implications
One option being evaluated involves Giddey signing a shorter-term deal with a player option, allowing him to become an unrestricted free agent sooner. This approach could grant him greater control over his career while carrying risks due to the uncertain nature of future market conditions and team dynamics.
For Bulls supporters, the anticipation surrounding Giddey’s contract resolution is considerable. Securing his services alongside rising star Matas Buzelis remains a priority for the franchise as it builds a competitive roster. The outcome of these talks will likely influence the team’s trajectory in the coming years, potentially establishing a steady playmaker cornerstone in their rebuilding process.