Chicago Bulls get good news in Josh Giddey negotiations

Josh Giddey and the Chicago Bulls are embroiled in a contract negotiation. The star guard is a restricted free agent, which means the Bulls can match any offer he gets. However, as of now, it seems to be strictly the two of them. No one else has attempted to poach Giddey from the Bulls.

As a result, the Bulls don’t have to give in to what Giddey wants. It was reported early on that the guard wanted at least $30 million per year, a cost that would’ve been fairly exorbitant for a player of his caliber. Fortunately for Chicago, it doesn’t look like that’s going to happen.

Josh Giddey’s asking price unlikely to be met by Chicago Bulls

Early expectations were that the Jalen Suggs deal, which was five years and $150 million, was the likely end result for the Chicago Bulls with Josh Giddey. Some reports stated that Giddey wanted more, but the expectation was that $30 million was likely.

However, since no other teams are willing to go that high with Giddey or even willing to attempt to outbid the Bulls right now, Chicago has all the leverage. According to one new report from RealGM, they’re unlikely to pay him the $30 million tag.

The two sides remain likely to reach a deal, but it’s not imminent now. It has been a very slow process so far. The Bulls have played this well, as they have let the market dry up, and there’s not much interest in any restricted free agents right now. Jonathan Kuminga of the Golden State Warriors is experiencing the same thing.

This leaves Giddey with two options. First, he can wait and continue fighting it out with the Bulls, even though he’s probably going to have to settle for less than he’s looking for. Second, he can sign the qualifying offer and become an unrestricted free agent in 2026.

The qualifying offer is essentially a one-year, $11 million deal with a full no-trade clause. That might not be in Giddey’s best interest, though. For one, it’s a small salary for the upcoming season, but there’s no guarantee that Giddey’s value will go up.

The Bulls might want to sign him for $24 million annually now, but if he doesn’t play as well in 2025-26, that price could drop to $20 million or less. Giddey’s value could be at a high right now. It could also be at a low, which is where the decision has to be made by the player and his team.