The Chicago Bulls remain optimistic about reaching a long-term agreement with restricted free agent guard Josh Giddey, as reported by K.C. Johnson of the Chicago Sports Network. According to Johnson, via FOX Sports, both sides are ironing out the final dollar figures and contract length, but no significant obstacles have emerged.
Giddey, 22, is seeking a five-year deal worth approximately $150 million, similar to the extension Jalen Suggs secured with the Orlando Magic. Giddey’s camp is reportedly targeting an annual salary of around $30 million.
The Bulls acquired Giddey from the Oklahoma City Thunder in June 2024 in exchange for Alex Caruso. After a slow start to his first year in Chicago, the Australian guard finished strong, averaging 14.6 points, 8.1 rebounds, and 7.2 assists over 70 games while shooting 46.5% from the field and 37.8% from three-point range.
During the 2024–25 campaign, Giddey posted seven triple-doubles and joined Michael Jordan and Scottie Pippen as the only players in franchise history to record at least 1,000 points, 500 rebounds, and 500 assists in a single season.
Chicago extended a qualifying offer to Giddey last month, valued at about $11.14 million for one year, officially making him a restricted free agent. That move allows the Bulls to match any offer sheet he might receive from another team.
While there remains a remote chance Giddey could accept the qualifying offer and play next season on that deal, Johnson noted that scenario is unlikely. He added there have been no credible reports of sign-and-trade talks or rival offers from teams like the Brooklyn Nets.
The Bulls finished ninth in the Eastern Conference last season with a 39–43 record, narrowly behind the Magic. With the front office under Arturas Karnisovas looking to build around a younger core, securing Giddey to a multi-year contract is considered a priority.
Giddey’s rookie-scale contract, signed after being drafted sixth overall by the Thunder in 2021, was worth $27 million over four years. His anticipated new deal would represent a significant investment as Chicago continues reshaping its roster.
K.C. Johnson concluded his report by stating, “I think both sides are still confident a deal will be done here in Chicago… I do think it is a matter of time when this deal gets done.”
