Priority No. 1 this offseason for the Chicago Bulls is to figure out Josh Giddey's future in The Windy City. The 22-year-old will be a restricted free agent, and it couldn't come at a more perfect time for him. And perhaps a more imperfect time for the Bulls.
Or is that the other way around?
Giddey had the best season of his NBA career in 2024-25. He averaged 14.6 points, 8.1 rebounds, 7.2 assists and 1.2 steals while connecting on a career-high 37.8 percent of his career-high 278 three-pointers (an average of 4.0 per game). After the All-Star break, he averaged 21.2 points, 10.7 rebounds and 9.3 assists while shooting 50.0 percent from the field and 45.7 percent from deep.
He and the Bulls couldn't agree on a long-term contract extension before the season, but both sides have an impetus to get a deal done now. Giddey's leap will earn him a hefty payday, and he's a perfectly tailored fit in Chicago's up-tempo, transition-based offense. His improvement as a three-point shooter only helps.
Giddey is reportedly hoping for a contract similar to the one that Jalen Suggs received from the Orlando Magic last offseason. Suggs' deal was for five years and $150 million.
But certain aspects of Giddey's free agency saga could be breaking right for Chicago heading into negotiations.
The Josh Giddey Market could dry up quickly ... if it exists.
Acquired from the Oklahoma City Thunder in a deal for Alex Caruso, Giddey has earned himself a significant raise. Unfortunately, the market for his services may be minute given the league's new salary cap restrictions, the lack of franchises with cap space and the glut of teams that already have entrenched starters at point guard.
The Brooklyn Nets are the only team with enough cap space to sign Giddey to a Suggs-type offer sheet, but that would come with risks. Do the Nets really want to tie themselves to a talented and improved but still flawed floor general so early in their rebuild? If they do make a run at Giddey, will they offer him $30 million or more per season?
Yossi Gazalan, via his Substack, points out how these issues should give the Bulls the upper hand in negotiations.
"The harsh conditions of restricted free agency and the lack of offers that may come with it could get the Bulls to offer him something in the low $20 million range annually," Gazalan writes. "An annual salary in the $25 million range could be his ceiling and ultimately a fair compromise."
Giddey will aim for that $30 million mark. In most other offseasons, he would likely reach it based on his finish to 2024-25. Unfortunately for him—but fortunately for Chicago—he may have to settle for less.