Chicago Bulls restricted free agent Josh Giddey received an $80 million contract offer over four years at the start of free agency, but the former No. 6 overall pick of the 2021 draft rejected the deal.
Bulls Offering Contract In Range Of $20 Million Per Year To Josh Giddey
According to K.C. Johnson of Chicago Sports Network, the Bulls have presented Giddey with a new multi-year contract believed to be worth around the same $20 million per season.
“The Bulls do have a long-term offer on the table believed to be in the neighborhood of $20 million a year. It’s pretty well-documented that Josh Giddey and his representation are seeking in that $30 million range,” Johnson reported.
“So, there’s still a pretty significant gulf financially. The difference in this restricted free agency situation, unlike the Lauri Markkanen situation, is that the Bulls have given no indications league-wide that they are amenable to a sign-and-trade option.”
Giddey has been seeking a five-year, $150 million deal similar to that of Orlando Magic guard Jalen Suggs or Toronto Raptors guard Immanuel Quickley. That contract would give the four-year veteran $30 million annually.
Suggs re-signed with Orlando on a five-year, $150.5 million deal ($30.1 million per season), while Quickley was extended by Toronto for $162.5 million over five years ($32.5 million).
Per Spotrac, the Bulls can afford to pay Giddey close to $30 million per year, as they are $38.6 million under the luxury tax and could offer a lucrative contract to the 6-foot-8 guard without going over.
Giddey Reportedly Wants To Remain In Chicago
Joe Cowley of the Chicago Sun-Times reported last month that Giddey “wants to get a deal done to stay in Chicago,” but his side and the Bulls have been “somewhere between $8 million to $10 million per year apart.”
NBA insider Jake Fischer also reported last week that “Chicago has been anchored in the $20 million range in annual value ever since its original offer” earlier this offseason.
Giddey signed a four-year, $27.21 million rookie-scale contract in August 2021. He earned $6.58 million in 2023-24 and $8.35 million this past season. Both salaries are club options.
Giddey, who turns 23 in October, is set to enter his fifth NBA season in 2025-26. In 70 games (69 starts) last season, he averaged 14.6 points and career highs of 8.1 rebounds, 7.2 assists, and 1.2 steals per contest.
The Australian hooper also shot 46.5% from the floor and a career-best 37.8% from 3-point range. He finished 20th in the league in defensive rebounds (439) and 10th in assists (503).
