Josh Giddey is expected to secure a significant pay rise this summer. The Chicago Bulls guard is a restricted free agent following an impressive year for his new team.
Marc Stein has previously reported that Giddey could be in line for a contract worth $150 million. However, Bleacher Report’s Dan Favale believes that could be an overpay; one the Bulls should try their best to avoid.
“Chicago has no reason to keep negotiating against itself,” Favale explained. “There is not going to be a market above the bigger mid-level exception of $14.1 million for the 22-year-old unless the Brooklyn Nets are feeling spicy. Just like last year with Patrick Williams, the Bulls hold all the cards. They folded in those previous negotiations anyway, giving Williams a five-year pact that has aged into one of the NBA’s least attractive contracts. They can’t afford to make the same (inexplicable) error with Giddey.”
Giddey enjoyed a strong debut season for Chicago. In 70 games, he averaged 14.6 points, 8.1 rebounds and 7.2 assists, shooting 46.5% from the field and 37.8% from 3-point range. If he can find ways to improve his defense, he could emerge as a genuine franchise cornerstone for the rebuilding Bulls.
Nevertheless, there’s no guarantee the Bulls can secure Giddey’s future for significantly less than $30 million a year. And if push comes to shove, they’ve got to ensure they keep their star guard locked down for the foreseeable future.
Giddey May Lack Other Options
Not many teams project to have significant cap space this summer. As such, the Bulls could wind up signing Giddey to a team-friendly deal if they let him test the free agency market.
“The harsh conditions of restricted free agency and the lack of offers that may come with it could get the Bulls to offer him something in the low $20 million range annually,” Yossi Gozlan wrote via his “Third Apron” substack. “An annual salary in the $25 million range could be his ceiling and ultimately a fair compromise.”
The risk with letting Giddey test the free agency market is that a team with cap space forces Chicago into an overpay. However, as there are minimal teams with the available room to make such a significant offer, Chicago would be wise to let the free agency market set Giddey’s market value.
Bulls Insider Also Believes in Market Setting the Tone
Joe Cowley of the Chicago Sun-Times has also shared the notion of the Bulls taking a slight risk with Giddey’s free agency.
“The Bulls can let Giddey go to market where there are limited suitors, see what the market bids on him, and then have the right to match it,” Cowley wrote. “Basically, what they should have done with Patrick Williams and didn’t.”
If no offers come for Giddey in free agency, or if they’re low-ball discussions, his contract demands will likely decrease. It’s at that point that Chicago can explore a more team-friendly deal with the playmaking guard. Given the Bulls’ history of trying to pinch pennies, this is the most likely route for Chicago. After all, why pay Giddey close to $30 million when the market could put him closer to $20 million just by allowing him to talk with other teams?
Still, no matter how things play out, we should expect to see Giddey back with the Bulls next season and in the coming years.
