The Chicago Bulls have made what appears to be their strongest move yet in the long-running contract negotiations with Australian star Josh Giddey. Despite an improved offer, the standoff between player and team still shows little sign of ending soon, with Giddey carefully weighing his options.
Giddey, who emerged as one of the Bulls’ brightest sparks after a breakout run following the All-Star break last season, is a restricted free agent. His contract talks have been one of the biggest NBA offseason storylines, especially given his rapid rise and the Bulls’ commitment in trading away a highly valued piece to acquire him.
A Rising Star Demanding Market Value
Since joining Chicago, Giddey has made it clear he sees himself as a franchise cornerstone. Reports suggest the 21-year-old guard has been holding out for a deal worth around $30 million (AUD $46 million) annually. Such a contract would reflect the growing belief that he could become Chicago’s long-term solution at point guard.
Chicago, meanwhile, has so far been reluctant to commit to that number. Early in the summer, the Bulls were reportedly only willing to table an offer in the region of $20 million (AUD $31 million) per season, a significant gap from Giddey’s expectations. But after weeks of stalled progress, there are now signs of movement.
ESPN’s Bobby Marks reported that the Bulls had recently presented Giddey’s camp with a contract worth $88 million (AUD $135 million) across four years. ClutchPoints’ Brett Siegel added that the figure was believed to be somewhere between $85 million (AUD $130 million) and $90 million (AUD $138 million).
“This is likely the last contract proposal the Bulls will offer this offseason, as it’s essentially a compromise from what both sides wanted,” Siegel explained, highlighting that Chicago may have reached its limit.
Why the Offer May Still Not Be Enough
Despite the improved numbers, there is a growing feeling among league insiders that Giddey may not be ready to commit. ESPN’s Brian Windhorst argued that much of Giddey’s decision will hinge on whether he believes Chicago genuinely sees him as the centerpiece of their future backcourt plans.
“They traded Alex Caruso, an extremely valuable player, for Josh Giddey and they would not have done that if they didn’t see him as a viable part of their future,” Windhorst said on ‘Nothing But Net’.
“Josh Giddey knows that and I think he wants to be compensated accordingly and he might have to play the waiting game, potentially even into the summer of 26.”
That waiting game could be strategic. Giddey has the option of signing a one-year qualifying offer worth around $12 million (AUD $18 million). While significantly lower than Chicago’s current proposal, it would allow him to play out one more season and then enter the market in 2026 as an unrestricted free agent.
The Restricted Free Agent Dilemma
Restricted free agency has always been a tricky path for players, and Giddey’s situation underscores its challenges. Windhorst noted that the lack of salary cap space across the league this summer has created unfavorable conditions for restricted free agents trying to maximize their value.
“It’s a stalemate... this is probably the worst summer in the last decade to be a restricted free agent because there just isn’t salary cap space out there for teams to spend on restricted free agents,” Windhorst explained.
“The teams that did have salary cap space, primarily the Brooklyn Nets, were not in the mood to go after restricted free agents. So you really were not going to have strong leverage and the Bulls have played it that way.”
Chicago’s cautious approach has therefore been calculated. By putting forward reasonable, yet below-market offers, they’ve forced Giddey to make a tough decision: lock in long-term financial security now, or gamble on his ability to command an even bigger payday in a more favorable market next summer.
“They’ve made offers to Josh Giddey, but they’re less than he’s wanted... Josh has a qualifying offer that he can accept for around $12 million ($A18m) and that is a long way from what the Bulls are offering,” Windhorst added.
“But next year there’s potentially 10 to 15 teams with significant salary cap space. So if he were to accept that, that’s his leverage against the Bulls. Really, it’s just a matter of trying to stare each other down.”
The Stakes for Both Sides
The Bulls’ decision to trade Alex Caruso for Giddey already signaled a commitment to build around the Australian. Losing him after just one or two seasons would be a blow to Chicago’s long-term plans and could leave fans questioning the front office’s vision.
For Giddey, the decision is equally high stakes. Signing long-term now ensures him a major payday and financial security, but it may lock him into a deal that undervalues his true worth if his game continues to evolve. Betting on himself by signing the qualifying offer comes with risk, particularly if injuries or a dip in performance occur.
Yet, with the potential for “15 teams with significant salary cap space” in 2026, the temptation to wait may be too strong to ignore. Giddey has already shown poise beyond his years on the court, and now his patience and strategy off it could define the next stage of his career.
The Countdown to October
The deadline for Giddey to accept the qualifying offer is October 1. That leaves less than a month for both sides to break the deadlock. If no agreement is reached, the Bulls may find themselves in limbo with a player central to their rebuild, while Giddey sets the stage for what could be one of the most closely watched free agency decisions in recent years.
For now, the stalemate continues — a staring contest between a franchise looking to balance its books and a rising star determined to bet on himself.
