Josh Giddey is back. The 6-foot-8 point guard will return to the Windy City after reportedly signing a four-year, $100 million contract, following months of negotiations with the Chicago Bulls.
This comes days after Chicago raised its offer from $20 million to $22 million per annum as the offseason winds down. Giddey's qualifying offer, worth $11.1 million, was set to expire on October 1. As a result, there was real urgency to get the deal done.
Giddey is the second restricted free agent domino to fall, but the first of the notable four to sign a long-term contract. Cam Thomas re-upped with the Brooklyn Nets at the beginning of September, signing his one-year, $5.9 million qualifying offer. Thomas ultimately bet on himself, rather than signing a short-term, team-friendly deal with the Nets.
That leaves Golden State Warriors' Jonathan Kuminga and Philadelphia 76ers' Quinten Grimes as the lone restricted free agents yet to sign. Now with Giddey off the market, it's all but likely that yet another domino falls.
The Bulls and Giddey have come to a $100 million agreement
However, Giddey’s decision to sign a four-year, $100 million deal highlights the compromises required in a tumultuous restricted free-agent market. Prior to last season, it was reported that Giddey sought a five-year, $150 million contract in the same ballpark as Orlando Magic's Jalen Suggs.
Throughout the season and into the offseason, Giddey’s preference remained unchanged. The 22-year-old was steadfast in his pursuit of $30 million, even as the Bulls held firm at $20 million. But as the offseason wore on, it became clear he wasn’t going to get his wish.
Firstly, only six free agents signed five-year contracts, three of which were All-Stars. Four-year and shorter-term contracts were far more prevalent.
Moreover, as hinted earlier, with the salary cap dried up league-wide, restricted free agents lost nearly all their leverage, leading to contentious negotiations. Giddey and his camp likely knew $30 million per season was unrealistic, but aiming high is part of the negotiation process. Coming off a strong finish to last season, Giddey’s asking price didn’t feel out of line.
Chicago held the power in negotiations, yet the organization still wanted Giddey back at all costs. Ultimately, both sides found common ground—$25 million per season, a tick below the midway point between Giddey's asking price and Chicago's most recent reported offer.
After months of ongoing negotiations, the inevitable has finally come to fruition. Giddey no longer has an asterisk next to his name; he'll be back in Chicago for the foreseeable future.