Bulls' Josh Giddey gets $80 million contract update from NBA insider
The offer is in.
Reportedly, the Chicago Bulls have made a contract offer to restricted free agent Josh Giddey.
The offer, according to NBA insider Jake Fischer, is for four years and $80 million.
On the one hand, it's $80 million.
On the other hand, it's not close to what Giddey has reportedly wanted for a while. The suggestion has been that he's seeking more like $30 million per year, not the $20 million AAV presented here.
It's pretty much the same conundrum Warriors forward Jonathan Kuminga is in as another RFA.
For restricted free agents to have much market power, they need other teams to make them offer sheets that their prior team has the choice of matching.
But with only the Brooklyn Nets featuring ample cap space, that isn't happening. Nobody has the money to try to shell out a boatload on Giddey or Kuminga.
It leaves these RFAs with very little power. It's the same situation for Quentin Grimes in Philadelphia and Cam Thomas in Brooklyn.
Giddey, if he was an unrestricted free agent, probably would be closer to a $30 million player.
But in this system, a team isn't going to make him an offer sheet, clear out all the space for it to fit, and then watch the Bulls match the offer and never let them get the player anyway.
It's a lot easier for teams to pursue unrestricted free agents, and that's what has happened this offseason.
Giddey seems likely to return to Chicago, but at this point, it's not obvious he'll be all that happy about it. There just aren't many other options unless a surprise trade surfaces late in the game.
MORE: Rockets, Kevin Durant just took an odd contract twist
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 minutes ago
- Yahoo
Circle stock rises after quarterly revenue beats estimates in first earnings since blockbuster IPO
Circle (CRCL) stock jumped 2% in afternoon trading on Tuesday after the stablecoin issuer posted better-than-expected quarterly revenue for the first time since going public. The company reported second quarter total revenue of $658 million, versus the $647 million analysts expected. CEO Jeremy Allaire said the company's stablecoin, USDC (USDC-USD), was the "fastest-growing major stablecoin over the past year." USDC in circulation grew 90% year-over-year to $61.3 billion at quarter end, and has grown an additional 6.4% to $65.2 billion as of Aug 10. "Overall activity globally in the digital asset economy has been growing," Allaire told Yahoo Finance on Tuesday morning. "We're continuing to see growth in the use of dollar digital currencies like USDC as a store of value around the world in cross-border settlements," he added. "Use cases continue to expand, and I think people are finding that this is an incredibly high utility, new form of money." The company also announced ARC, a new blockchain network for stablecoin finance that will launch in the second half of the year. "We wanted to create a way for institutions to pay fees on blockchains in a fast, predictable manner that would be simple from an accounting perspective and could deliver very low-cost and stable fees," CEO Jeremy Allaire said during the company's earnings call on Tuesday morning. The stock is up roughly 480% from its IPO price of $31 per share as crypto-friendly legislation has lifted the sector. Circle has been at the center of optimism over the stablecoin market following the passage of the GENIUS Act, legislation that creates guardrails and a framework for digital tokens backed by assets such as the US dollar. Circle makes much of its money from interest income, specifically from short-term Treasury bills backing its stablecoin, USDC. The company's reserve income increased 50% year over year to $634 million, primarily from an 86% growth in USDC stablecoin circulation. Allaire indicated if the Fed reserve cuts interest rates and yields on short term treasuries decline, the growth of stablecoins will offset decline in rates. "We believe that lower interest rates are going to be accelerative to the business, as money velocity picks up, as invested capital picks up, and as more people are putting money to use in the economy, this very high utility form of money will grow," said Allaire. The company also shares part of its revenue with Coinbase (COIN), a major distribution partner. Last month, Compass Point analyst Ed Engel flagged the risk of rising distribution costs as the company expands its network while continuing to share a portion of its interest income. On Tuesday morning, Engel said Circle's gross profit margin guidance of 36% to 38% for fiscal year 2025 "slightly underwhelmed." Engel said that forecast implies second half margins will come in below the first half of the year's 39%, writing "we would have expected higher gross margins in 2H25." "While CRCL's lower margin guidance could be due to conservatism, CRCL's recent partnerships don't seem to benefiting the near-term margin outlook. As such, we reiterate our Sell rating and $130 PT," he wrote. However, others on Wall Street saw the stock as a way for investors to participate in rising enthusiasm over stablecoins. "CRCL is a global leader in stablecoins and is the purest stablecoin play in the public markets right now, and we anticipate further gains in the shares as the company creates new opportunities for itself and its partners," Seaport Research analyst Jeff Cantwell wrote last month. The analyst has a Buy rating and price target of $280 on the stock. Circle's results come as the overall market hovers near all-time highs and crypto rallies on expectations of Federal Reserve rate cuts and President Trump's push to include crypto in 401(k) plans. Prior to the earnings release, Wall Street analysts had nine Buy, five Hold, and four Sell ratings on Circle stock. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices
Yahoo
8 minutes ago
- Yahoo
C3 AI (AI) Nosedives as Preliminary Results ‘Completely Unacceptable'
We recently published . Inc. (NYSE:AI) is one of the best-performing stocks on Monday. fell for a fourth straight day on Monday, slashing 25.58 percent to close at $16.47 apiece after its chief executive called the preliminary results of its first quarter of fiscal year 2026 performance 'completely unacceptable.' According to Inc. (NYSE:AI), it was targeting to report total revenues of $70.2 million to $70.4 million, and GAAP operational loss of $124.7 million to $124.9 million. Non-GAAP loss from operations was targeted at $57.7 million to $57.9 million. Commenting on the results, Inc. (NYSE:AI) CEO Tom Siebel said the sales figures were 'completely unacceptable,' and pointed to disruptions from a recent leadership reorganization, and his health contributing to the company's poor performance. Last month, Inc. (NYSE:AI) announced that it was searching for a new CEO after Siebel tendered his resignation due to health reasons, effective upon a successor assuming his post. 'After being diagnosed with an autoimmune disease in early 2025, I have experienced significant visual impairment,' he was quoted as saying last month. 'For C3 AI to reach its full potential—which I believe is spectacular—the board and I have initiated a search for a new CEO who can take the company to the next level of growth and success. I will remain fully engaged as Chief Executive Officer of until such time as the board appoints my successor, after which I will continue in the role of Executive Chairman, focusing on strategy, product innovation, strategic partner and customer relationships,' he noted. While we acknowledge the potential of AI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
Yahoo
8 minutes ago
- Yahoo
3-time Grand Slam semifinalist Grigor Dimitrov is out of the US Open with an injured chest muscle
NEW YORK (AP) — Three-time Grand Slam semifinalist Grigor Dimitrov withdrew from the U.S. Open on Tuesday, a little more than a month after he tore a chest muscle and had to quit playing against Jannik Sinner at Wimbledon. That exit from the All England Club on July 7 — Dimitrov had taken the opening two sets against Sinner but got hurt in the third — marked the fifth consecutive Grand Slam tournament where the 34-year-old Dimitrov failed to complete a match. It also happened at the Australian Open in January and the French Open in May, plus last year's Wimbledon and U.S. Open. A year ago in New York, Dimitrov stopped while trailing 6-3, 6-7 (5), 6-3, 4-1 against Frances Tiafoe in the quarterfinals. Dimitrov was a semifinalist at the U.S. Open in 2019, at the Australian Open in 2017, and at Wimbledon in 2014. His highest ranking was No. 3; he is currently No. 21. With Dimitrov out of the field, Alejandro Tabilo gets a spot in the men's singles bracket, which starts play on Aug. 24. Brandon Holt is the next player who would move into the draw if another man withdraws. Holt upset Taylor Fritz at Flushing Meadows in 2022 and his mother is two-time U.S. Open champion Tracy Austin. ___ AP tennis:
