As the 2024-25 season grows nearer, the Chicago Bulls have comitted to a rebuild without expressly saying it. While the Bulls lost several core players in DeMar DeRozan, Alex Caruso and Andre Drummond, the team also added multiple players, with former Thunder guard Josh Giddey being one of those acquisitions.
In his final season with the Thunder, Giddey saw his role lessen as the team became legitimate championship contenders. Being a defensive liability, Giddey would be played off the court in the 2024 playoffs before being traded to the Bulls for All-Defensive guard Alex Caruso.
Ahead of the 2024-25 season, Giddey and other players selected in the first round of the 2021 NBA draft class are eligible for contract extensions, with October 21st, the day before the beginning of the 2024-25 season, being the final day they can sign.
If they do not sign those extensions, they will become restricted free agents in the summer of 2025. As of this writing, Cade Cunningham (1st overall), Scottie Barnes (4th overall), and Franz Wagner (8th overall) have all signed or agreed to max rookie extensions worth around $225 million over five years.
Should the Bulls do the same with Giddey?
The Chicago Bulls and the Josh Giddey extension
For the Bulls, giving Josh Giddey a contract extension before the 2024-25 season would be the biggest mistake the team could make heading into a rebuild. While Giddey is extension eligible, he would more than likely not receive the type of contract offer that some of his fellow 2021 draft class members have received.
Looking at the Bulls next season, Giddey is not only expected to be a part of the starting lineup, but expected to be a foundational piece of the organization going forward. Along with Coby White, Patrick Williams, Ayo Dosunmu, and Matas Buzelis, Giddey is seen as a core piece for the next iteration of the Bulls.
With vets like Zach Lavine and Nikola Vucevic likely on the outs with the Bulls in the next season or two, players like Giddey are expected to get touches and time on the court. With the Bulls being eyed as one of the worst teams heading into the 2024-25 season, it is expected that Giddey will have inflated stats on a bad team.
While it was key for the Bulls to get value out of Alex Caruso, giving Giddey an extension without seeing him play for the Bulls would be a mistake. Seeing Giddey play alongside White, Williams, and Buzelis is key to determine if Giddey is a fit with the team heading in a new direction. If Giddey can solidify his role on this younger Bulls team and improve on both ends of the court, he can show he he's worthy of a bigger deal next summer.
Avoiding signing Giddey to a contract before the 2024-25 season is not only key for the Bulls organization as a whole, but for Executive Vice President of Basketball Operations, Arturas Karnisovas. When the Bulls traded Caruso for Giddey early in the offseason, Bulls Nation voiced their displeasure for the move. AK would respond to the critcism:
"He's still 21. His production was really good over the last three years. He has room for growth. I think coming here to Chicago, he's going to be able to demonstrate more playmaking and he'll make everyone else better."
AK would defend this decision to trade Alex Caruso for Josh Giddey straight up, not receiving any picks in return. Arguing that Giddey is young and productive, trading for him was more valuable than trading for picks in his eyes.
If Giddey were to receive an extension before the season and fail to meet expectations over the course of the season, it would not only be bad for the Bulls, but for AK, who was quietly handed an extension last year. If Giddey is given an extension before the season, it could come back to play a role in AK's future with the organization.