Josh Giddey and the Chicago Bulls are headed toward a contract decision that will define their respective and collective trajectories. A gap appears to exist in regard to a preferred new salary, with Chicago seemingly unwilling to meet Giddey's demands.
The unfortunate reality facing the Bulls, however, is that they'll need to pay a figure Giddey arguably hasn't yet justified with his play in order to re-sign him.
Giddey is currently a restricted free agent, having played the final season on his rookie-scale contract in 2024-25. He has options in free agency, but one of the primary reasons he's yet to sign a new deal is the average salary he's looking to receive.
Joe Cowley of The Chicago Sun-Times reported on July 4 that Giddey is hoping to sign a contract with an average annual salary of $30 million.
Bulls and Josh Giddey are having good dialogue, per a source, but the Giddey camp is dug in on the Suggs contract - $30 million per. Let the posturing continue.
— Joe Cowley (@JCowleyHoops) July 4, 2025
According to K.C. Johnson of Chicago Sports Network, the Bulls want to re-sign Giddey, but don't appear to be considering a $30 million annual salary as a viable option.
“The Bulls and Giddey want to get a deal done. I don't have particular numbers other than to say that Josh Giddey's $30 million a year price tag that has been well-documented in media and out there since last fall when the rookie contract extension was discussed, has not ever crossed my radar. I have never heard the Bulls mention that number. So I would not expect Josh Giddey to sign a $30 million [per season] deal.”
Chicago and Giddey thus appear far apart in regard to contract negotiations, which leaves one harsh truth to embrace: It's coming down to a qualifying offer or a salary in the range of $25 million per season.
Re-signing Josh Giddey will be costly—one way or another
Chicago extended a qualifying offer to Giddey worth $11.14 million. The 22-year-old could in turn accept that figure and play out the 2025-26 season at the aforementioned rate, thus becoming an unrestricted free agent in 2026.
It would be far less lucrative than the long-term deal that Giddey appears to be pursuing, but he would gain significant long-term flexibility.
The only other option at this stage appears to be Giddey and the Bulls coming to an agreement on a salary that's somewhere in between the two sides' preferred range. That would likely result in both parties sacrificing a degree of the financial flexibility they'd been banking on.
For Chicago, that would mean tying itself to Giddey for half a decade at a figure that he's yet to play up to on a consistent basis.
Giddey certainly showed flashes of brilliance in 2024-25, including a vastly improved jump shot. He posted averages of 14.6 points, 8.1 rebounds, 7.2 assists, 1.2 steals, and 1.5 three-point field goals made per game on .465/.378/.781 shooting.
After Chicago won just 39 games with a roster that's still in a state of relative flux, however, paying on potential may not be as safe of a decision as one might presume.
It's understandable for Giddey to base his salary request on what Jalen Suggs received from the Orlando Magic, as both are highly regarded as defenders with untapped offensive potential. Suggs had played three full seasons with the Magic at the time he received his new deal, however, including a 2023-24 campaign during which the franchise posted its best record in 13 years.
After just one season in Chicago and a 39-43 campaign, Giddey arguably lacks that same leverage—meaning he's either going to accept his qualifying offer or the Bulls are going to risk an overpay.