The Chicago Bulls and restricted free agent guard Josh Giddey are in agreement on a new four-year, $100 million contract that will keep him with the team through the 2028-29 NBA season, league sources told ClutchPoints on Tuesday afternoon.
No options exist with this new contract, meaning that the annual average value will be $25 million per year.
Giddey's agent, Daniel Moldovan of Lighthouse Sports, had been working with Chicago's front office before the free agency period began in order to secure his client's future with the organization.
While the two sides had been far apart in discussions, with Giddey viewing himself as a $30 million-per-year player, there was never much doubt about the Australian guard remaining one of the faces of the Bulls.
At no point did the Bulls engage in sign-and-trade talks with other organizations around the league, sources said. Giddey and his agent explored the idea of what his value looked like from rival teams, yet Chicago never had any interest in exploring those avenues.
The Bulls entered the offseason with the mindset of finding common ground on a new deal for Giddey, and they did just that with this $80 million contract.
Now, the skilled ball handler and former sixth-overall pick has cemented himself as one of the key contributors in Chicago next to Matas Buzelis for years to come.
Giddey, 22, was traded to the Bulls before the start of the 2024-25 season in a deal that sent Alex Caruso to the Oklahoma City Thunder. No draft picks or other assets were involved in this two-player swap between the two teams. Caruso thrived in his first season with the Thunder, helping lead the team to their first championship in franchise history since relocating to Oklahoma City.
Although many criticized the Bulls for making such a trade, Giddey was a player this organization pinpointed as a young talent who could lead them into the future. He has established himself as this type of player in Chicago.
The exact terms of Giddey's new contract with Chicago were first reported by ESPN.
This past year with the Bulls, Giddey averaged 14.6 points, 8.1 rebounds, and 7.2 assists per game while shooting 46.5 percent from the floor and a career-high 37.8 percent from 3-point range. Giddey registered seven triple-doubles in 70 games this past season, the seventh-most in the league.
After being drafted sixth overall by the Thunder in 2021, Giddey has flown under the radar as an all-around playmaker at the point guard position. While his shooting can be streaky at times, Giddey continues to improve as a lead playmaker.
He was one of two players to average at least eight rebounds and seven assists per game this season, joining just Luka Doncic and Nikola Jokic. Since trading for Giddey, the Bulls have continued to reshuffle their roster.
DeMar DeRozan was sent to the Sacramento Kings last July in a sign-and-trade agreement, and Chicago was involved in a three-team deal with the Kings at the trade deadline when All-Star point guard De'Aaron Fox was sent to the San Antonio Spurs.
More recently, the Bulls traded former second-overall pick Lonzo Ball to the Cleveland Cavaliers for Isaac Okoro. Like the Giddey trade in 2024, this was also a deal involving just two players.
As Giddey returns to be one of the long-term faces of the Bulls, questions continue to surround the direction of this franchise.
Coby White continues to hear his name in offseason trade discussions, and the Bulls have also been open to discussing Patrick Williams' future in trade talks, sources said. Nikola Vucevic, Kevin Huerter, and Ayo Dosunmu are all entering the final years of their respective contracts as well and will be hot topics of offseason trade talks before the 2025-26 season.
Giddey, along with Buzelis and 2025 first-round pick Noa Essengue, are the only certain long-term building blocks that Chicago will continue to build around. The Bulls went 39-43 during the 2024-25 season, missing the playoffs for the seventh time in the last eight seasons.
