Josh Giddey underwent a massive transformation over the course of his first season with the Chicago Bulls.
The Aussie arrived in the Windy City in a trade for veteran guard Alex Caruso, with his value at an all-time low. The No. 6 pick in the 2021 draft had just averaged career-lows in minutes (25.1), scoring (12.3), rebounds (6.4) and assists (4.8) despite starting 80 games for the Oklahoma City Thunder.
As OKC went from a rebuilding franchise to a title contender, Giddey got phased out. His playoff stats from 2023-24 are even more damning than his regular-season numbers: 10 games, eight starts (the only two times Giddey ever came off the bench in a Thunder uniform), 8.7 ppg, 3.6 rpg, 2.1 apg, 18.1 mpg.
Despite being just 22 years old and a former top-10 pick, Oklahoma City was ready to buy his plane tickets, pack his bags and drive Giddey to the airport.
The Thunder are still alive in the NBA playoffs, and Caruso is a crucial reason why. Meanwhile, Chicago backed into the postseason for the third straight year before getting routed by the Miami Heat in the Eastern Conference Play-In Tournament. The two franchises are still on different trajectories.
But flipping Caruso for Giddey was still a (rare) wise move by vice president of basketball operations Arturas Karnisovas, even as a possibly pricey transaction looms.
Potential Bulls' Josh Giddey extension shouldn't be cause for concern
The Australian international fit like a glove in Chicago Head Coach Billy Donovan's newly installed offensive scheme in 2024-25. Donovan wanted to run, run and run some more, and Giddey's unique positional size, rebounding ability, vision and passing skills were ideal to lead the charge. He had the best season of his career, averaging 14.6 points, 8.1 rebounds, 7.2 assists and 1.2 steals while shooting a career-best 37.8 percent from three.
After the All-Star break, Giddey morphed into an All-NBA-caliber floor general. In his final 19 regular-season contests, he posted averages of 21.2 points, 10.7 rebounds and 9.3 assists, hitting 50.0 percent from the field and knocking down his threes at a 45.7 percent clip. He was instrumental in helping Chicago finish the season 15-5.
It was good timing for the 6-foot-8 floor general, who enters this summer as a restricted free agent likely to get paid. Reportedly, Giddey's looking for a deal similar to what Jalen Suggs got from the Orlando Magic, which was for five years and $150 million. Sure, that would be a hefty sum for the Bulls to give to a flawed player at an important position, but the sticker price shouldn't shock anyone.
Chicago might not have to shell out that kind of money in the first place. Most teams are set at the point guard spot, and even fewer have the kind of cap space to make a legitimate run at Giddey. The Brooklyn Nets are the only team with enough room to sign him outright, and it's worth wondering whether the Nets even want Giddey. And if they do, would they extend him that rich of an offer?
Chicago has all the leverage in negotiations, assuming that Karnisovas has learned from his epic Patrick Williams disaster. There's no reason to believe the Bulls will have to pay Giddey $30 million a year. That number could be closer to $25-30 million.
In the event the organization does fumble another round of negotiations and gives him the full five-year, $150 million extension, it's not going to destroy Chicago's future. Suggs is on Orlando's books for $35 million next year, taking up less than 23 percent of the Magic's total cap room.
Franz Wagner will make more than Suggs in 2025-26. Paolo Banchero's monster rookie extension is coming down the line. Orlando even splurged for Kentavious Caldwell-Pope in free agency. The Magic aren't approaching any sort of cap hell even with Suggs' extension—and the Bulls don't have anyone in their organization worth paying the kind of money Wagner and Banchero are/will be making.
Chicago is also projected to have the most cap space in the NBA next offseason, and the salary cap will continue to rise every year moving forward.
Would five years and $150 million be an overpay for Giddey? Sure, it would. So gross an overpay that it would prevent the Bulls from building a winning roster? No.
We can count on Karnisovas's other decisions to take care of that.