The restricted free agent market is at an absolute standstill. Only five restricted free agents have agreed to new contracts thus far, all returning to their respective teams, with Memphis Grizzlies' Santi Aldama raking in the most lucrative sum at $17.5 million per season.
However, all the more polarizing restricted free agents have yet to re-sign with their respective squads, or even land an offer from a rival team. Promising young stars, Jonathan Kuminga, Quinten Grimes, Cam Thomas, and Josh Giddey all remain unsigned.
The four players mentioned above have two options, both of which have the potential benefit their teams—sign a qualifying offer between roughly $6 million (Thomas) to $11 million (Giddey) for a season before entering unrestricted free agency a year later, or coming to terms with a contract likely well-below market rate due to a lack of leverage. The first option is the ultimate "bet on oneself," while the latter assures a substantial payday, yet likely not up to each player's preference.
The Bulls Front Office has learned from past mistakes
All signs are pointing to Giddey signing a long-term pact, but as stated, it most likely won't be the $30 million per annum he's anchoring for. Chicago Sports Network's K.C. Johnson provided insight into the contract discussions, reporting, "I've never heard the Bulls mention that number, so I would not expect Josh Giddey to sign a $30 million deal."
Moreover, Johnson did relay the message that negotiations are ongoing and in "good faith." Perhaps the most important tidbit of information Bulls fans will love to hear Johnson provided was that Chicago is "keeping the number down, because there is currently nowhere for Josh Giddey to go in the restricted free agent market."
Hearing the Bulls are playing hardball is the ultimate sigh of relief, considering last season's restricted free agent debacle. As well-documented as it's been, the Bulls will never recover from re-signing former restricted free agent Patrick Williams to a five-year, $90 million contract on the first day of free agency. It goes without saying that the Bulls bid against themselves to re-sign the underwhelming former fourth-overall pick.
Fortunately, for Bulls fans and the organization as a whole, Artūras Karnišovas and Co. have learned from past mistakes. This time around, the Bulls are conferring with a far more impactful player, yet remaining grounded in these negotiations. It's surely a step in the right direction for an organization that's made a living overpaying for homegrown and acquired talent.