If the Chicago Bulls want to keep Josh Giddey in town long-term, they need to reach an extension with him. According to Jake Fischer of The Stein Line (during a live stream for Bleacher Report), he could threaten to sign the qualifying offer, which would set him up to enter unrestricted free agency next summer.
"Will Giddey sign the qualifying offer?" Fischer said. "That is his threat. That is his leverage right now over the Chicago Bulls." He added, "Chicago doesn't want to lose Josh Giddey at all. They've been telling other teams, they've been telling agents since the combine, that they are not interested in having any discussion whatsoever with Josh Giddey. They value Josh Giddey.
“They traded Alex Caruso straight up for Josh Giddey when they had offers from various teams over the years for multiple first-round picks for Alex Caruso. That's how much they value Josh Giddey. They see him as a major focal point of their roster moving forward. But they are not going to engage in any sign-and-trade scenario, and they're not really going to move off their offer. So this is a holding pattern."
How much should the Bulls pay Josh Giddey?
Giddey is a great player. He’s one of the most talented playmakers in the NBA, and during the latter portion of the season with the Bulls last year, he emerged as a rising star. If Chicago develops him well enough, he could turn into a star.
Rumblings have indicated Giddey’s desire to earn around $30 million per year. And while that may seem like a lot, it’s what most starting-caliber guys are earning around the NBA today. Players like Derrick White, Trey Murphy III, and Jalen Johnson all make around that much.
At this point, Giddey isn’t on the level of those guys. There are too many holes in his game. He’s not a good enough three-point shooter, his defense needs serious work, and he needs to be more consistent.
But the Bulls are banking on him pushing through those issues. He needs to lean on his elite playmaking, impressive driving abilities, and ability to lead the offense.
Paying him what he wants is a risk. Inherently so. Giving any player that much money is risky with how restrictive the CBA is in today’s NBA.
However, if what Fischer says is true, Chicago’s best bet is to pay Giddey. If they truly don’t want to lose him, giving him close to the contract he wants may just be the safest option.