The Bulls and restricted free agent guard Josh Giddey are having “good dialogue” during the first week of free agency, says Joe Cowley of The Chicago Sun-Times (Twitter link).
However, according to Cowley, Giddey’s camp is “dug in” on matching the contract extension Jalen Suggs signed with Orlando last fall.
Reports since October have continually cited an asking price of $30MM annually from Giddey and his reps. Several of 2024’s top rookie scale extension candidates were seeking that same per-year salary at the time, and Suggs and Hawks forward Jalen Johnson ended up at exactly that figure, signing five-year deals worth $150MM apiece.
Giddey didn’t do anything to hurt his case for a big payday in 2024/25. After an up-and-down start as he got acclimated to his new NBA home, the 22-year-old had a huge second half, posting averages of 21.2 points, 10.7 rebounds, 9.3 assists, and 1.5 steals with a shooting line of .500/.457/.809 in his final 19 games, 12 of which were Bulls victories.
Giddey’s full-season averages were 14.6 PPG, 8.1 RPG, 7.2 APG, and 1.2 SPG on .465/.378/.781 shooting. Several of those marks, including the three-point percentage, were career highs.
Still, while Giddey had a strong first season in Chicago and looks like the Bulls’ point guard of the future, he and several of the other top restricted free agents on the market may have a hard time maximizing their earnings this summer with so little cap room available around the league. With no other potential suitors in position to realistically get up to the neighborhood of $30MM per year for Giddey, the Bulls have a good amount of leverage and can afford to be patient.
The Bulls’ front office may also be wary of bidding against itself for Giddey after completing a five-year, $90MM deal with former lottery pick Patrick Williams when he was coming off his rookie contract last summer. Chicago reached that agreement before free agency even opened, then saw Williams’ production take a step backwards in the first year of the contract.