Bulls Face Potential $30 Million Dilemma With Key Trade Pickup

The Chicago Bulls have a big looming question to answer with Josh Giddey.

Giddey is on an expiring four-year, $27.2 million contract. The Bulls acquired him in a 1-for-1 swap with the Oklahoma City Thunder for Alex Caruso during the 2024 offseason. The former No. 6 overall pick of the 2021 draft, he will be a restricted free agent this offseason.

How far the Bulls are willing to go to retain him remains unclear. Talks stalled amid Giddey’s desire to be paid $30 million annually.

“A source said the Bulls and Giddey stepped back from the negotiating table in the fall after Giddey and his representatives indicated they were looking to match Magic guard Jalen Suggs’ extension of $30 million per year for five years,” the Chicago Sun-Times’ Joe Cowley wrote on February 25.

Josh sends Matas upstairs 👀@CHSN__ | #SeeRed pic.twitter.com/67EimF3Ji7

— Chicago Bulls (@chicagobulls) February 25, 2025

“A 6-8 point guard who rebounds, passes, is shooting 52.2% from three-point range in the last month and is turning into a willing defender? Now ask yourself how much Giddey is worth,” Cowley wrote.

“That answer is coming because Giddey’s right about one thing: Someone is going to pay him.”

Josh Giddey Putting Ball in Bulls’ Court

Cowley’s report aligns with one from NBA insider Jake Fischer, who reported the same stance for Giddey’s camp, naming Toronto Raptors guard Immanuel Quickley as “the benchmark.”

“Josh Giddey is said to be seeking at least $30 million in AAV in his next deal, sources said,” Fischer posted on Threads on October 19. “Although the Bulls appear more keen on evaluating Giddey through this first season in Chicago before committing that type of money to the Australian playmaker.”

With his performance against the Philadelphia 76ers on February 24, Giddey has averaged 25.3 points on 75.9% true shooting with 13.3 rebounds, 6.7 assists, 1.7 blocks, and 1.7 steals per game over his last three outings.

The Bulls went 1-2 in those games, beating the Sixers but losing to the New York Knicks and Phoenix Suns.

Giddey posted a positive plus-minus in each one.

That last part is key with Giddey noting upon his arrival to the Bulls that he wanted to become a better defender. According to Cleaning The Glass, Giddey still has the fifth-worst defensive on-off differential on the Bulls.

However, his increased effort could bode well for him at the negotiating table if he can maintain his focus and effort. Giddey has a 12.9/7.4/6.4 line while slashing .457/.370/.785 on the season.

His three-point efficiency is a career-high.

Lonzo Ball Extension a Potential Positive Sign

The Bulls’ decision to extend fellow guard Lonzo Ball could bode well for Giddey. Ball returned this season after last playing in January 2022.

The Bulls signed Ball to a two-year, $20 million contract in early February.

Their circumstances are certainly different. Ball was in his first season with the Bulls when the initial injury occurred. The organization stuck with him through three knee surgeries. That includes a ligament transplant that had yet to see a professional athlete return to form.

Ball is averaging 7.2 points 3.4 boards, and 3.3 assists while shooting 33.9% from deep. He was injured when the deal was announced and has missed 25 games this season, partly by design.

Giddey has missed four games through 58 outings for the team.