Josh Giddey is still a restricted free agent. Both he and the Chicago Bulls have been locked in negotiations all summer. The issue is, Chicago appears to value Giddey at $10 million per year less than what he’s seeking on a new contract.
According to Bulls insider, K.C. Johnson, Chicago does have a long-term contract offer on the table. Unfortunately for the Bulls, it’s roughly $10 million a year short of what Giddey is holding out for.
The Bulls do have a long-term offer on the table believed to be in the neighborhood of 20 million,” Johnson said via a recent edition of ‘The Fast Break.’ “It’s pretty well documented that Josh Giddey and his representatives are seeking in that 30 million range. So there’s still a pretty significant gulf financially.”
On the latest episode of The Fastbreak, @KCJHoop dives into the Bulls’ contract negotiations with Josh Giddey ⬇️
Unfortunately for Giddey, there doesn’t appear to be any interest in his services from around the NBA. Therefore, he’s working out of a weak negotiating stance. Furthermore, Johnson also noted that Chicago doesn’t appear open to the idea of parting with their star guard via a sign-and-trade deal.
The difference in this restricted free agency situation from a prior one that’s high profile is, unlike the Lauri Markkanen situation, the Bulls have given no indications league-wide of being amenable to a sign-and-trade option,” Johnson said. So that means even if a team at this point unforeseen swooped in to offer a sign-and-trade package, the Bulls may very well not engage. If it’s a good offer obviously they would consider it.”
As such, Giddey has two choices available to him. Negotiate with the Bulls to find a middle ground, or sign his qualifying offer. If he opts for the latter, he will become an unrestricted free agent next summer.
Bulls Still Expected To Reach Deal With Giddey
During the same edition of “The Fast Break,” Johnson did express his optimism that Chicago and Giddey will ultimately come to an agreement on a new contract this summer.
The most logical outcome would be both sides agreeing on a deal that pays roughly $25 million per season. That would see them meeting in the middle and reaching a fair compromise.
Bulls Want to Wrap Up Negotiations This Month
According to NBA Insider Brett Siegel of ClutchPoints, both the Bulls and Giddey’s camp appear to be working toward a resolution that will keep the 22-year-old with the franchise.
“Josh Giddey and the Chicago Bulls are expected to reach a resolution on a new contract, likely in the three-year range, by the end of August,” Siegel reported. “The Bulls could increase their offer, but they have stood firm on keeping a new deal in the $20 million AAV range. The latest speculation from agents not involved in negotiations suggests something in the $65 million to $70 million range.”
Of course, Giddey must adjust his expectations if we’re finally going to see a resolution to the current stalemate. Chicago clearly wants to keep him around long-term. If both sides are willing to adjust their expectations, it’s fair to assume a deal won’t be too far away.
Bulls’ “Long-Term” Offer For Giddey Likely Falls Short Financially