Josh Giddey gets long-term contract offer from Bulls

It has not been a great Summer to be a restricted free agent in the NBA. Golden State Warriors forward Jonathan Kuminga, Brooklyn Nets guard Cam Thomas, and Chicago Bulls guard Josh Giddey are all good players, but due to the nature of their availability, they have been stuck in limbo since the start of free agency.

Due to the lack of cap space around the league, these players are stuck with the team that owns their rights until another franchise offers a contract. Even then, teams have the exclusive ability to match said contract or facilitate a sign-and-trade with their best interests in mind. It’s been fairly quiet on that front since July, and as the NBA season creeps closer, it’s becoming more apparent that these RFAs aren’t going anywhere. 

Recently, reports have come out that the Bulls have offered a contract to Giddey, a long-term deal worth around $20 million per season, per K.C. Johnson of Chicago Sports Network. The ball is now in the Australian native’s court. 

Should Giddey Take the Deal?If these reports are accurate and Giddey has an offer on the table, it’s most likely in his best interest to accept. His alternative would be to sign the qualifying offer, AKA a one-year deal (worth up to $11.1 million in Giddey’s case) that would allow him to play out the year for Chicago and enter unrestricted free agency in the Summer of 2026. But what would the Aussies’ value be on the open market?

NBA Insider Jake Fishcher reported that Giddey and his camp are looking for a deal closer to $30 million per year, but that seems unrealistic considering the caliber of player he is. Players in that AAV are borderline All-Stars, such as the Miami Heat’s Tyler Herro, the Cleveland Cavaliers’ Jarrett Allen, and the Toronto Raptors’ Brandon Ingram. Giddey has no accolade attached to his name other than making the All-Rookie team in 2021-22.

If anything, the $20 million per year deal that was offered makes more sense, especially on the Bulls’ side of things. Alex Caruso, whom Chicago traded to the Oklahoma City Thunder last season, makes $20.2 million per year. Considering that the deal was a one-for-one swap with no draft picks involved, both players should have equal value.