The Chicago Bulls front office and restricted free agent Josh Giddey are at a stalemate as the two sides appear to be firmly dug in on their stance of what a fair market value contract would be for the guard.
We laid out all of the reasons why the Bulls should be hesitant to commit a large amount of money to Giddey, but the reality of the situation is that Chicago's hand won't be forced until another team signs him to an offer sheet. To this point, there were very few organizations that could have afforded to give the Australian guard that type of contract, let alone have any basketball-related reason to do it.
Jazz Could Become Huge New Obstacle to Bulls Re-Signing Josh Giddey
Previous reporting indicated that Giddey was seeking a new contract in the mold of the extension given to Orlando Magic guard Jalen Suggs before the 2024-25 season tipped off. That contract was a five-year, $150.5 million pact between Suggs and Orlando. Chicago has little to no interest in a similar partnership with Giddey, where his average annual salary is $30 million or higher.
By jumping into the three-team trade that sent Norman Powell from the Los Angeles Clippers to the Miami Heat, the Utah Jazz now can get close enough to the value Giddey is seeking that extending an offer sheet his way would make sense.
The Jazz decreased payroll enough where they could pivot to becoming a cap space team.
— Yossi Gozlan (@YossiGozlan) July 7, 2025
They can have $22 million in cap space if they waive KJ Martin and Jaden Springer's non-guaranteed salaries.
This would give them more spending as well as the $8.8 million room mid-level. https://t.co/swttobmssz
Giddey's status as a restricted free agent allows the Bulls the right to match any offer sheet the guard may sign. Chicago would also have the ability to work out a sign-and-trade with any franchise that Giddey signs an offer sheet with. The only way the Bulls could lose him for nothing is if they choose to let him do so.
With all of those options on the table, Chicago's front office could have a tough decision to make if Utah were to pursue Giddey and sign him to an offer sheet. The Bulls have a hole to fill at the point guard position following the trade that sent Lonzo Ball to the Cleveland Cavaliers for Isaac Okoro. Whether or not Giddey at the $30 million per year he is seeking is the right answer to that need is for the front office to figure out.