The Chicago Bulls have been mostly quiet this offseason. They made some waves when they traded Lonzo Ball to the Cleveland Cavaliers for Isaac Okoro, another puzzling move in what’s been an endless list of poor returns for Chicago. They also used their No. 12 overall pick to select Noa Essengue in the 2025 NBA Draft, generating limited excitement, but a promising player nonetheless. Aside from those two roster changes, there hasn’t been much coming from the franchise in the third largest media market.
That’s not entirely surprising. The Bulls have been satisfied with being stuck in the middle, not fully committing to tanking by selling off their most valuable assets, so we’re left with a hodgepodge of a roster that will likely still win too many games next season to secure a top pick. However, what has been surprising is that Chicago has not reached an agreement on a deal with restricted free agent Josh Giddey. After all, Giddey was the prize the Bulls won after trading Alex Caruso to the Oklahoma City Thunder in a move that should still be heavily criticized for not getting any draft capital back. The reports indicate that Giddey was seeking a deal similar to the one Jalen Suggs received last summer from the Orlando Magic, which is reportedly in the $30 million per year range. That would be a massive overpay if you’re the Bulls, so the fact that a deal hasn’t been announced suggests Chicago is trying to play hardball here.
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Cody Nagel
In fact, Chicago Sports Network’s K.C. Johnson says he doesn’t expect Giddey to get a deal in that price range, which is why a deal hasn’t been finalized yet, as both sides try to come to an agreement on a new contract. But this isn’t a case of Giddey potentially ending up elsewhere, because there’s no other team with the cap space to sign him. It’s about when the Bulls sign him and for how much.
There is always the option that Giddey could just play on the last season of his deal, which is roughly $11 million, and it would make him an unrestricted free agent next summer. But that would be a worst-case scenario for both sides. This also isn’t a situation where there’s tension on either side to get a deal done, as talks have been productive and positive, per Johnson.
However, finding common ground on a new contract with Giddey is crucial not just for the Bulls’ peace of mind, but also to further determine what this team will look like down the line. Chicago has made it clear that Giddey is their point guard going forward, and at just 22 years old, there’s still room for growth in his game. He comes with some limitations on both sides of the ball, primarily his 3-point shooting and being a liability on defense. However, he is coming off a career-best year from 3-point range, shooting nearly 38% on four attempts per game. That’s a positive if you’re the Bulls, because it shows Giddey is at least capable of being an average 3-point shooter.
He’s a creative facilitator and averaged a career high in assists in his first season with Chicago. The backcourt tandem with him and Coby White had its moments throughout the season, and looked like a duo that the Bulls could at least talk themselves into building around. But not overpaying Giddey should be the goal for the Bulls. They gave Patrick Williams a five-year, $90 million deal in 2024, which was an overpay considering his lack of development since being drafted fourth overall in 2020. But that number would be reasonable for Giddey here, or even if they went up to $20 million a year. Anything that can save the Bulls some money on the backend would be a win, because while Giddey had a strong showing in his first season, committing a ton of money to him when the Bulls have no clear direction, short or long term, doesn’t make a lot of sense.
Given that we’re almost in mid-July and there’s still no deal done, this could drag on for several more weeks. That’s a good thing for the Bulls, because we’ve seen them jump at the chance to overpay players in the past. Practicing patience here is one of the first smart things this franchise has done in quite some time.
