Giddey $65-70M Contract Looming, Bulls Want August Deal

There appears to be some headway being made between the Chicago Bulls and Josh Giddey‘s camp. The playmaking guard is currently a restricted free agent. However, neither side has been able to find a middle ground during negotiations.

According to NBA Insider Brett Siegel of ClutchPoints, both the Bulls and Giddey’s camp appear to be working toward a resolution that will keep the 22-year-old with the franchise.

“Josh Giddey and the Chicago Bulls are expected to reach a resolution on a new contract, likely in the three-year range, by the end of August,” Siegel reported. “The Bulls could increase their offer, but they have stood firm on keeping a new deal in the $20 million AAV range. The latest speculation from agents not involved in negotiations suggests something in the $65 million to $70 million range.”

Giddey joined the Bulls last summer as part of the trade that sent Alex Caruso to the Oklahoma City Thunder. During his first year with the Bulls, Giddey proved that he will be a cornerstone talent in the team’s rebuilding efforts. However, due to the limited interest in his services from around the NBA, he hasn’t been able to leverage those good performances into negotiating power, which, in part, is what led to the stand-off.

Bulls Have Been Keen to Re-Sign Giddey

During a recent conversation with Keith Smith of Spotrac at NBA Summer League, an anonymous front office executive revealed the team’s desire to get an agreement with Giddey over the line.

“We want to get a deal done with Josh,” The executive said. “He’s as important of a player as we have. We see him as a foundational player for us. I hope we can find a deal that makes sense for us and him and that we’ll be together for a long time.”

If Siegel’s intel is correct, it would appear the Bulls front office is on track to get its wish. Of course, the next question will become how much Chicago pays Giddey and over how many years. Recent reports have linked the impressive guard as wanting a deal in the range of $30 million per year.

Giddey Unlikely to Get $30 Million

Bulls insider K.C. Johnson recently explained why he doesn’t expect Giddey to get a deal worth $30 million per year.

“The Bulls and Giddey want to get a deal done,” Johnson said. “I don’t have particular numbers other than to say that Josh Giddey’s $30 million a year price tag that has been well-documented in media and out there since last fall when the rookie contract extension was discussed, has not ever crossed my radar. I have never heard the Bulls mention that number. So I would not expect Josh Giddey to sign a $30 million deal.”

With both Giddey’s camp and the Bulls now working to find a solution, it shouldn’t be long until the saga comes to an end. The most likely outcome is that the two sides meet somewhere in the middle. Therefore, a deal in the range of $25 million per season feels logical.

If Giddey does want to be on himself, he could sign a shorter-term deal with a player option. That way, he could be an unrestricted free agent in a couple of years. Of course, doing so would be a gamble, as you can never know what the future holds.

Nevertheless, Bulls fans will likely be pleased that the Giddey saga is almost over. After all, both he and Matas Buzelis are core building blocks for the future. Re-signing him was always going to be the priority for Chicago.