In June, just days before the NBA Draft, the Chicago Bulls agreed to send a 30-year-old Alex Caruso to the Oklahoma City Thunder in exchange for a 21-year-old Josh Giddey. Reactions from fans were less than stellar following the swap.
Chicago had just traded its best defender, the only Bull to earn a spot on an All-NBA Defensive Team since Jimmy Butler in 2016. However, unlike Butler, Caruso earned consecutive nominations, one of which was a first-team selection in 2023. Following several solid seasons as a Los Angeles Laker, Caruso blossomed into a game-wrecker for the Bulls.
The 6-foot-5 guard averaged 7.8 points, 3.4 rebounds, 3.4 assists, 1.6 steals, and 1.3 three-pointers per game as a Bull. While the counting stats weren't overly spectacular, Chicago was far better with Caruso on the court than off, despite years of underachieving. The Bulls were 8.2 points better in 2021-21, 9.7 in 2022-23, and 3.0 in 2023-24. Although he suited up next All-Stars DeMar DeRozan and Zach LaVine, Caruso led the Bulls' rotation players in net rating for three consecutive seasons.
Chicago's trade for Giddey was heavily criticized
Swapping Caruso for Giddey looked good on paper, but further assessment shows that Chicago should have come away with draft compensation in addition to the disappointing 6-foot-8 guard. Even though Giddey was the sixth pick in the draft and held averages of 13.9 points, 7.3 rebounds, and 5.7 assists for his career, he was coming off a miserable playoff performance where he was benched in the Western Conference Semifinals. Less than a month later, he requested a trade—all but eliminating the Thunder's leverage.
Fast forward to Christmas, and Caruso averages 5.5 points, 2.9 rebounds, 2.5 assists, and 1.9 steals while converting a mere 26.2 percent of his triples. Although he remains a valuable defender, the Thunder are 7.0 points worse offensively with Caruso on the floor. Caruso's net rating has dropped to plus-0.9 in Oklahoma City—close to the league average—despite playing for the Western Conference's best team.
To reward Caruso, primarily for his defensive contributions, the Thunder extended the All-NBA Defender for four years and $81 million. The defensive-minded guard's contract will ascend from $18.1 million next season as a 31/32-year-old to $22.4 million as a 34/35-year-old.
Oklahoma City Thunder two-time NBA All-Defensive Team guard Alex Caruso has agreed to a four-year, $81 million contract extension with the franchise, his agent Greg Lawrence of Wasserman told ESPN. pic.twitter.com/22YqvnXaOd
— Shams Charania (@ShamsCharania) December 22, 2024
Caruso's considerable extension shines a new, different light
While Caruso has already earned an extension with his new team, Giddey has to wait until the 2025 offseason to recommence contract talks. Chicago and Giddey failed to agree to a new deal in the 2024 offseason, reportedly because Giddey preferred to sign a five-year, $150 million pact—a term and number the Bulls' brass likely felt uncomfortable with.
30 games into the 2024-25 campaign, Giddey has averaged 11.9 points, 6.4 rebounds, and 6.9 assists per game. Despite the teamwide Bulls' struggles, Chicago is better with Giddey on the court. Chicago is 0.8 points better offensively with the former Thunder guard and only 0.6 points worse defensively. The 22-year-old is second amongst Chicago's starters in net rating.
After originally appearing as a lopsided trade (which it still might be because Chicago was unable to acquire more than just Giddey from Oklahoma City), the trade looks far better when accounting for Caruso's recent extension. There was no reason to believe the Bulls would have re-signed Caruso following this season. The Bulls only roster two players above the age of 30, and both are on the trade block. Therefore, Caruso was as good as gone.
Chicago and Giddey may not agree to the lucrative extension Giddey preferred. In all likelihood, his next pact will be similar to what Caruso signed with Oklahoma City, albeit for a player nearly a decade younger. Considering Caruso's recent extension, the once much-maligned swap is looking better by the day.