The Chicago Bulls have been playing a waiting game with restricted free agent Josh Giddey as the two sides have held firm in their positions on just what a fair market value contract would be for the Australian guard.
Giddey and his representation have made their demands known; they want a contract in the mold of the one Orlando Magic guard Jalen Suggs received before the 2024-25 campaign tipped off that will pay him just north of $30 million annually.
For very good reasons, Chicago has balked at that number and has elected to let the market set Giddey's value, a luxury the Bulls have with Giddey being a restricted free agent.
Odds of Signing Josh Giddey Improve as Balance of Power Shifts to Bulls
Giddey is a talented player, but he just learned the tough lesson of overvaluing yourself on the open market, especially when you aren't an unrestricted free agent. Chicago has no intention of giving Giddey a deal worth $30 million annually; this has been made quite clear. Giddey's biggest issue is that no other team that has cap space -and those franchises are few and far between- feels he is worth that amount, either.
The market has spoken, and, according to K.C. Johnson of The Chicago Sports Network, via RealGM.com, Giddey is unlikely to get the $30 million per season contract he desires. This moves the balance of power in this standoff entirely to the Bulls' side. Without any offer sheet to pursue, Giddey can only do business with the Chicago front office, and they have been quite clear about their stance.
At this time, Giddey has a qualifying offer from the Bulls on the table that would pay the guard just over $11.1 million for the 2025-26 campaign. Signing that offer would allow for Giddey to play out next season in Chicago for the Bulls before entering unrestricted free agency in the summer of 2026.
There are no guarantees that Giddey would receive an offer closer to the amount he is currently seeking next July. What Giddey does know for sure right now is that, unless he is willing to come to the negotiating table and work on a new deal with Chicago in good faith, that qualifying offer could be the best contract option extended his way.