Chicago Bulls, Josh Giddey Not Close to Reaching Extension

The Chicago Bulls and Josh Giddey are not close to reaching an extension, according to NBA reporter Joe Cowley of The Chicago Sun-Times.

Giddey is a restricted free agent.

“They are somewhere between $8 million to $10 million per year apart,” Cowley wrote.

Josh Giddey has three options as a restricted free agent. He can re-sign with the Bulls on a new deal, play on his qualifying offer next season worth $11.1 million and enter unrestricted free agency next offseason or sign an offer sheet with a new team.

If Giddey signs an offer sheet with a new team, the Bulls can either match the offer sheet or let the swingman leave and work on a sign-and-trade deal. 

Thus far, no teams have contacted Giddey or the Bulls about sign-and-trade deals.

Giddey averaged 14.6 points, 8.1 rebounds, 7.2 assists, 1.2 steals and 0.6 blocks last season for the Bulls while shooting 46.5% from the field, 37.8% from beyond the arc and 78.1% from the free-throw line. He had 30 double-doubles and seven triple-doubles in 70 games.

Chicago acquired Giddey from the Oklahoma City Thunder in the Alex Caruso trade. Caruso helped the Thunder win the 2025 championship against the Indiana Pacers in seven games, while Giddey and the Bulls missed the playoffs after losing the 9-10 play-in game at home against the Miami Heat.

The Bulls have made the postseason only once (2022) since trading Jimmy Butler to the Minnesota Timberwolves on draft night back in 2016. 

Giddey turns 23 in October. He has career averages of 14.1 points, 7.5 rebounds, 6.1 assists, 0.9 steals and 0.5 blocks with the Thunder and Bulls.

It will be fascinating to see if Giddey and Chicago come to terms on a new deal. The Bulls’ highest-paid player currently is Nikola Vučević, who will make $21.5 million next season in the final year of his deal.

Giddey, according to multiple reports, wants to make $30 million per year.