Bulls Rumors: Team open to discussing Josh Giddey contract extension

As part of the franchise's decision to finally enter into a rebuild (even if it's already been a struggle), the Chicago Bulls traded Alex Caruso to the Oklahoma City Thunder in exchange for Josh Giddey.

At 22 years old, the Australian fits the team's new timeline and identity as a 6-foot-7 point guard who acts as a true floor general on offense but can stuff the stat sheet as a triple-double threat on a nightly basis.

Giddey certainly has his flaws, which were on full display during last year's Thunder playoff run, but the Bulls no longer had a need for a win-now player like Caruso.

Taking a flier on a player Giddey's age, with his potential, proven track record in the NBA and internationally, and his unique skill set made sense for Chicago.

The catch was his status as a restricted free agent at the end of the season, meaning the Bulls had to make a decision on a potential long-term contract extension with only a year to see if he fits in Chicago. (And this regime doesn't have a positive track record when it comes to dishing out new deals).

There's news on that front, however, with the regular season only days away.

Bulls reportedly willing to discuss contract extension with Josh Giddey

Per newly minted ESPN NBA insider Shams Charania on the Brian Windhorst & the Hoop Collective podcast (h/t Bleacher Report), Chicago is already willing to discuss a contract extension with Giddey only a few months into his Bulls tenure.

Charania noted the obvious: The organization brought Giddey in knowing he only had one year left on his rookie deal, and acquiring him in the Caruso move just to let him walk after one season would, at best, be a bad look, and at worst an awful roster construction decision.

The sixth overall pick in the 2021 draft had a down year in 2023-24. He averaged career lows in scoring (12.3), rebounding (6.4) and assists (4.8). The season before, however, he averaged 16.6 points, 7.9 rebounds and 6.2 assists in 76 starts as a 20 year old.

His shooting woes derailed his postseason run last year, as he averaged only 18.1 minutes across 10 contests and was benched entirely for two games.

The 2022-23 version of Giddey is worth far more on the open market than last year's version. How that affects his extension with the Bulls, both in terms of money and years, is something the front office will have to gauge this season.