Bulls’ Josh Giddey Negotations Are “Gulf of Mexico” Apart

Josh Giddey is still a restricted free agent. The Chicago Bulls guard is yet to agree on terms for a new contract. As such, the situation is turning into somewhat of a saga, with the two sides reportedly far apart on an agreement.

During a recent free agency breakdown, ESPN’s Bobby Marks provided some insight into the current situation between the Bulls and Giddey.

“Josh Giddey, I’m going to say, I said this on SportsCenter, in the last 10 years, we’ve had five players sign qualifying offers. And what the qualifying offer does is it’s a one-year contract, and then you become an unrestricted free agent next offseason. Because it’s a one-year contract, you have full authority on any trade. So you have veto power on trades. The problem is that if you approve a trade and you are traded to that team, you will lose your bird rights…I made a joke during our production meeting, that they’re about the Gulf of Mexico apart.” 

Giddey has become an integral part of the Bulls’ rebuilding efforts. It’s highly unlikely the franchise will want to lose him. However, it would appear both sides are playing hardball in negotiations. Signing Giddey to a qualifying offer would be a worst-case scenario for the Bulls, as he would then be free to move anywhere in the NBA next summer.

Bulls Operating From a Position of Strength

During a recent episode of “The Chicago Lead,” Bulls insider K.C. Johnson shared an update on Giddey’s free agency and Chicago’s negotiations.

“The Bulls have been able to talk with his representatives, as they did last fall when there was a rookie contract extension in play,” Johnson said. “And no deal. So this supports what I’ve been reporting, that the Bulls are negotiating from a position of strength. That’s not to say they don’t want Josh Giddey back. That’s not to say they traded Alex Caruso for a guy they’re going to let walk. What it is to say is they have learned from the Patrick Williams situation, where they very proactively outbid the competition.”

We’re still very early into the offseason. There’s plenty of time for the Bulls and Giddey to sit down and reach an agreement. Both sides appear willing to extend the partnership. Right now, it’s just about finding a number that makes everyone feel like they’re getting a good deal.

Bulls Should be Smart With Giddey Negotiations

In a recent article from ESPN’s Zach Kram, the Bulls were urged to approach Giddey’s contract negotiations with patience. The key is to not overpay and limit the cap flexibility moving forward.

“One move they should make: Extend restricted free agent guard Josh Giddey, who averaged nearly a triple-double from mid-February on. But Chicago … shouldn’t go overboard with its offer to Giddey, who still has obvious limitations in a playoff setting and likely won’t have many outside suitors,” Kram wrote on June 29. “If the Bulls’ offer climbs into, say, Immanuel Quickley’s range (five years, $175 million), they’ve made a mistake.”

Given the current approach and how the Bulls haven’t rushed into anything, it would appear they’ve learned from their mistake with Patrick Williams. Therefore, Bulls fans will likely feel confident that the team will sign Giddey to a fair deal. Of course, until they reach that agreement, things could always fall apart and reset the rebuild.