Josh Giddey's NBA payday shrinks in standoff with Chicago Bulls
The Australian finished his fourth NBA season on a hot streak, racking up triple doubles for fun and scoring a halfcourt buzzerbeater against the LA Lakers to send his value skyrocketing heading into restricted free agency.
It was widely expected that Chicago would offer Giddey a contract extension worth $30 million (A$45 million) per season, but that is yet to happen as the Bulls appear hesitant to shell out that kind of money.
A contract of that value would make Giddey one of Australia's highest paid athletes, excluding LIV golfers Cam Smith and Marc Leishman.
As it stands, it looks likely Giddey may accept Chicago's qualifying offer of $11.1 million (A$17m) for the 2025-26 season and bet on himself to outperform that value so he can command a more lucrative deal when he hits unrestricted free agency next summer.
Alternatively, the Bulls will come to the table with a deal of around four years, $90 million (A$136 million), which is significantly lower than what Giddey's camp is asking for.
Bulls owner Jerry Reinsdorf has been notoriously stingy when it comes to avoiding paying the luxury tax, and now Chicago's front office is holding out on giving Giddey a mega payday.
The Aussie has every right to feel hard done by at the moment, given Chicago previously paid Patrick Williams USD$90 million over five years, despite the draft bust showing very little promise during his NBA career so far.
Giddey averaged 21.2 points, 10.7 rebounds and 9.3 assists in 19 games for the Bulls after NBA All-Star break while shooting 45.7 per cent from 3-point range.
The standoff between Giddey and Chicago can be put down to the fact it is a very bad time to be a restricted free agent in the NBA this off-season, with very few teams having salary cap space.
Giddey, Brooklyn's Cam Thomas, Golden State's Jonathan Kuminga and Philadelphia's Quentin Grimes could have earned deals worth in excess of $100 million in most other off-seasons.
5 former 1st rd. picks have signed a Qualifying Offer since 2018.
Their next contract outside of Miles Bridges has not been pretty:
Alex Len: 2/8.5M
Nerlens Noel: 2/3.7M
Rodney Hood: 2/11.7M
Denzel Valentine: 2/4.1M
Miles Bridges: 3/75M
— Bobby Marks (@BobbyMarks42) July 18, 2025
But a lack of cap space around the league this year and the NBA's restrictive new collective bargaining agreement is making teams wary of shelling out big contracts on players who aren't superstars.
YardBarker's Nathan Shirberg said: 'Essentially, the Bulls are negotiating against themselves, which incentivises them to not negotiate at all. As it stands, the Bulls should feel no pressure to give in.'
A Bulls executive told Spotrac's Keith Smith: 'We want to get a deal done with Josh. He's as important of a player as we have. We see him as a foundational player for us. I hope we can find a deal that makes sense for us and him and that we'll be together for a long time.'
ClutchPoints' Brett Siegel wrote that 'no progress' has been made between Giddey's camp and the Bulls.
'The two sides met at NBA Summer League in Las Vegas, where Giddey and his camp made it clear they want a contract similar to that of Jalen Suggs (5-year, $150 million) and Immanuel Quickley (5-year, $162 million) and have not come down from their $30 million annual average value asking price,' Siegel wrote.
'The Bulls have not offered more than a four-year contract in the $20 million per year range.'
The Athletic's Law Murray described the situation as 'free agency hell, where Giddey is keeping the Bulls from doing anything except repeat their 2024 trade where they send a former Laker defender to a No. 1 seed in exchange for a lottery pick'.
'Last year, it was Giddey from Oklahoma City in exchange for now two-time NBA champion Alex Caruso. This year, the Bulls sent (Lonzo) Ball to the Cavaliers for (Isaac) Okoro.'
Chicago's ownership and executive vice president of basketball operations Arturas Karnisovas have come under fire for being content to stay in the NBA's no-man's land of not committing to a full rebuild.
Bill Simmons said on his podcast he would rather have any other roster situation for the next five years than Chicago's. The Bulls have featured in the NBA play-in tournament in the past three seasons.
'I just don't know what this team is,' Simmons said.
'Where am I going in the next three years? I know I'm not going to be a bottom five team next year … it just seems bleak to me.
'If I'm a Bulls fan, what I am excited about? My owners have already made it very clear to me we're never really going to spend money.
'They've done a sh*tty job with the (Michael) Jordan legacy. I just don't know what this team is other than a team that's going to go 40-42 every year.'
Co-host Ryen Russillo added: 'I think the Giddey trade will turn out to be a good trade for them.'
NBA pundits have no doubt Giddey will turn up for pre-season training camp with the Bulls, but there are some concerns about whether the contract negotiations will have left a sour taste in his mouth.
Bulls insider K.J. Johnson said: 'The Bulls hold all the power. Giddey is almost certainly going to be back on a qualifying offer or a long term deal.
'What I would be concerned about is what kind of mindset is Josh Giddey going to come into camp with after the negotiations dragging on that long and then him maybe not getting what he wanted.
'You want him coming into camp with a good feeling, pleased with his deal. The fact that it dragged on, guys get over that if they sign a deal that ultimately pays him $90 million over four years. That's a lot of money.'
One cryptic quote Giddey shared on his Instagram story this week read: 'What a privilege to outgrow things you used to settle for.'
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