Chicago Bulls insider explains why ‘panic meter is pretty high’ surrounding Josh Giddey

Johnson said the Bulls are playing the situation wisely, and that Giddey isn’t expected to receive $30 million per year. While both Giddey and the Bulls want to get a deal done, the Bulls have never brought up a deal that would pay the former Oklahoma City Thunder first-round pick $30 million per year.

“I don’t have particular numbers other than to say that Josh Giddey’s $30 million a year price tag that has been well-documented in media and out there since last fall when the rookie contract extension was discussed, has not ever crossed my radar,” Johnson said.

“I have never heard the Bulls mention that number. So I would not expect Josh Giddey to sign a $30 million deal.”

Nowhere for Josh Giddey to go

Johnson said the Brooklyn Nets were the only team with the cap space to send an offer Giddey’s way. After the Nets traded for Michael Porter Jr., Brooklyn no longer has the money. Up to this point, there have been no “sign and trade machinations” involving Giddey, per Johnson.

While the Bulls have most of the leverage, Giddey has one out. He can decide to play the upcoming season on a one-year qualifying offer worth $11.1 million. Giddey would then become an unrestricted free agent next summer, which would not be optimal for Chicago.

The Bulls have no reason to rush to finalize a deal, but Giddey should feel lucky to receive even a $25 million per year offer from Chicago.