Josh Giddey is still a free agent. He and the Chicago Bulls are yet to reach an agreement on a new contract. However, the playmaking guard re-signing with the franchise remains the most likely outcome.
During a recent episode of “The Chicago Lead,” Bulls insider K.C. Johnson shared an update on Giddey’s free agency and Chicago’s negotiations.
“The Bulls have been able to talk with his representatives, as they did last fall when there was a rookie contract extension in play,” Johnson said. “And no deal. So this supports what I’ve been reporting, that the Bulls are negotiating from a position of strength. That’s not to say they don’t want Josh Giddey back. That’s not to say they traded Alex Caruso for a guy they’re going to let walk. What it is to say is they have learned from the Patrick Williams situation, where they very proactively outbid the competition.”
Giddey has proven himself to be a key member of the Bulls’ rebuilding efforts. However, by letting him test the free agent market, the front office is banking on his contractual terms decreasing. After all, if no other team makes an offer, Giddey’s leverage vanishes, and the Bulls take control of the driver’s seat.
Bulls Should be Smart With Giddey Negotiations
In a recent article from ESPN’s Zach Kram, the Bulls were urged to approach Giddey’s contract negotiations with patience, so as not to overpay the young guard.
“One move they should make: Extend restricted free agent guard Josh Giddey, who averaged nearly a triple-double from mid-February on. But Chicago … shouldn’t go overboard with its offer to Giddey, who still has obvious limitations in a playoff setting and likely won’t have many outside suitors,” Kram wrote on June 29. “If the Bulls’ offer climbs into, say, Immanuel Quickley’s range (five years, $175 million), they’ve made a mistake.”
Giddey played in 70 games for Chicago last season. He averaged 14.6 points, 8.1 rebounds and 7.2 assists while shooting 46.5% from the field and 37.8% from 3-point range. As he continues to improve his skill set, those averages will likely continue to increase.
Bulls Should Put Cap on Josh Giddey Contract Talks
During a June 27 appearance on “Spiegel & Holmes,” NBA cap expert Keith Smith noted that a $25 million AAV should be enough for both Giddey and the Bulls.
“You have to factor in where the cap growth has gone. So, I think if it gets much north of $25 [million, maybe $28 million, you have to start thinking, ‘All right, we’re going the other way.’ Here’s the challenge: Who’s giving him that kind of offer? I don’t know that there’s a team out there that’s going to give it to him,” Smith told Laurence Holmes and Matt Spiegel.
Giddey’s future remains the biggest question of the Bulls’ offseason. They will undoubtedly want to reach an agreement. Only then can they continue retooling the roster around Giddey and Coby White. Fortunately, unless the Brooklyn Nets decide to enter negotiations, there appears to be very little competition for Giddey’s services next season, and that’s playing directly into the Bulls’ hands.
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