Bulls Contract Offer to Josh Giddey Revealed: Report

"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 added.

Meanwhile, the Bulls realize that there is no market for Giddey, or really any restricted free agents in general. Most NBA teams didn't have a lot of money to spend this offseason, and the one team that did, the Brooklyn Nets, decided to use it to add draft capital to take on bad contracts.

"The Bulls have not offered more than a four-year contract in the $20 million per year range," Sigel continued. "However, the two sides are expected to reunite and negotiate and find common ground on a new deal this summer. No team outside of Chicago has expressed legitimate interest in Giddey due to his contract demands."

Chicago could always add a trade kicker to his contract to give him more money in the event he is ever traded, which could be a way for both sides to get what they want. But the Bulls learned last year in the Patrick Williams negotiations not to bid against themselves, something they're doing here.