Chicago Bulls make Josh Giddey contract call after $45m rumour
The Chicago Bulls opted against picking up a deadline contract extension for the young Aussie, leaving his future up in the air.
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The deadline for the NBA’s rookie contract extensions has come and gone and Josh Giddey didn’t receive a new deal from the Chicago Bulls.
It means Giddey will become a restricted free agent after the 2024/25 season — his first campaign for the Bulls after being traded from the Oklahoma City Thunder.
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Other big names from the 2021 draft class to miss out on extensions beyond their standard rookie deals include Golden State’s Jonathan Kuminga and Brooklyn’s Cam Thomas.
NBA insider Jake Fischer reported over the weekend Giddey was seeking a minimum US$30 million (A$45M) annually on his next contract. It’s the same deal Atlanta’s Jalen Johnson and Orlando’s Jalen Suggs signed with their respective teams on Tuesday (all times AEDT).
“Immanuel Quickley’s five-year, (US) $175 million deal with Toronto this past summer has set a benchmark for young guards around the NBA,” Fischer wrote.
“Josh Giddey is said to be seeking at least $30 million in AAV in his next deal, sources said, although the Bulls appear more keen on evaluating Giddey through this first season in Chicago before committing that type of money to the Australian playmaker.”
The 22-year old Aussie is currently on a four-year, US$27 million contract he signed with the Thunder since being taken with the No. 6 pick in the 2021 NBA Draft.
Shortly after being traded to the Bulls, Giddey said his potential contract extension was “not the be-all, end-all for me” and “either way is fine”.
It’s worth noting that just because Giddey didn’t receive an extension, it doesn’t necessarily mean he’ll leave the Bulls past this season. As a restricted free agent, they’d have the rights to match any offer he received on the open market.
It’s a curious move after Chicago paid a hefty price to land Giddey by trading Alex Caruso, who was highly sought-after around the NBA. Especially if Giddey turned out to be a one-year rental for the Bulls.
But the retooled Bulls clearly want to stay flexible right now and keep their options open instead of marrying themselves to players long-term. Wait and see how the point guard fares on his new team before forking out big money to retain him.
“Giddey represents the highest drafted player from the class of 2021 not to reach terms on a rookie extension,” Bulls insider K.C. Johnson said on Chicago Sports Network.
“But this merely means Giddey will be a restricted free agent during a summer when not many teams are projected to have salary cap space.
“I would certainly expect them (to reach an extension) next off-season. You do not trade Alex Caruso for Josh Giddey to let him walk.”
Chicago also opted against extensions for the likes of Patrick Williams, Ayo Dosunmu and Coby White, who will all be free agents at the end of the season.
In fact, in over four years with the team, Bulls executive vice president of basketball operations Arturas Karnisovas has never signed a player to a rookie extension.
Though this might say more about the players they’ve had than Karnisovas’ strategy, with the Bulls executive speaking glowingly of Giddey after the team acquired him in June.
“He’s still 21,” Karnisovas said. “His production was really good the last three years. He has room for growth and I think coming here to Chicago he’s going to be able to demonstrate more playmaking and he’ll make everyone else better.”
Of course, Giddey, who’s one of the favourites for the Most Improved Player of the Year award, could always increase his value this season now he’s in a better situation at the Bulls. And so the team might’ve missed the chance to lock him away on something cheaper.
If Chicago trades Zach LaVine and/or Nikola Vucevic, Giddey’s role for the team will only grow.
But things could always go the other way and Giddey struggles with a bigger load in what looms as a crucial campaign for the Aussie.
The upside is obvious with Giddey — a 6-foot-8 (203cm) guard with elite passing and vision, with 11 career triple-doubles to his name. He’s still in a phase of his career where there’s a “what if” on what he could be.
And like in his early days at the Thunder, he’s set to get a greater opportunity to show what he can do for Billy Donovan’s Bulls.
But his lack of development with regards to defence and perimeter shooting — that led to his role decreasing for OKC last season to the point of being benched in the playoffs — remains an issue.
Like with any player, however, if the good outweighs the bad and the strengths shine through enough, Giddey will get his payday. It’s just on pause for now.
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