When the Chicago Bulls' trade for Josh Giddey was announced, nobody believed it. The surprising part wasn't that Giddey was traded, but rather that the Bulls traded Alex Caruso to the Thunder for Giddey. It was a player swap. Oklahoma City didn't send Chicago any draft assets for Caruso.
Over a year later, Giddey is still a restricted free agent, one of several waiting to learn what kind of deal they'll play on next season. He has an $11.14 million qualifying offer he could accept, which would allow him to become an unrestricted free agent next summer.
Giddey wants a deal that's worth $30 million per year, but the Bulls haven't budged on the four-year, $80 million contract they offered. A resolution between the sides could come soon, as NBA insider Jake Fischer reported that Giddey and Chicago could make progress on a deal after Labor Day. It's almost September, and training camp will open in about a month.
If Giddey doesn't sign a new deal before the season starts and accepts his qualifying offer, it'd lead to a potentially disastrous situation for the Bulls. They shouldn't want to put him in a position where he could walk next summer for nothing. If negotiations don't go well over the next month, that could happen.
Bulls' trade for Josh Giddey will age poorly if he doesn't sign new deal
Giddey wanted to be traded from the Thunder, and it was a trade that worked out well for him and Oklahoma City. Alex Caruso helped lead the Thunder to the 2025 NBA Championship, while Giddey did well in his first season in Chicago.
He averaged 21.2 points, 10.7 rebounds, and 9.3 assists per game (19 contests) after the All-Star break, shooting 50% from the field and 45.7% from three. Yes, that's a small sample size, but it meant something. It still means something now as Giddy is pushing for the payday he believes he deserves.
The Athletic polled 16 people who work in front offices about what they would offer Giddey, and none of them said a deal worth $30 million annually. Fourteen people said they'd give Giddey a deal between $20 to $25 million (subscription required).
If Giddey is set on a deal worth $30 million, one may not happen, but if they can meet in the middle in the $25 million range, perhaps one will. Or the 22-year-old could bet on himself by playing out the season on his qualifying offer, hoping for the payday he wants next summer. It would be risky, but you can't rule out that outcome.
Bulls fans hope that Giddey's return to Chicago to prepare for the upcoming season will lead to a new contract.