Giddey had limited leverage as a restricted free agent in a market with little available salary cap space.
The 22-year-old guard averaged career highs in assists, rebounds and steals last season.
The contract provides Chicago with a young core to build around alongside Coby White and Matas Buzelis.
The top remaining free agent in the NBA has finally reached a deal, and it’s one that makes sense for both sides.
The Chicago Bulls announced Tuesday, Sept. 9 that they have reached an agreement with point guard Josh Giddey. The team did not disclose terms of the contract, but ESPN reported it’s a four-year, $100 million deal. For both the Bulls and Giddey, a restricted free agent who saw the market dry up, this offers a win-win compromise for each party.
Giddey, 22, was reportedly seeking a long-term deal worth at least $30 million a year in average annual value.
This was a terrible offseason for any free agent looking to get paid. The Brooklyn Nets were the only team, in practical terms, that had ample salary cap space. That left Giddey with very little leverage, especially considering that he was further hamstrung by the limitations of being a restricted free agent – essentially, the Bulls would’ve had the right to match any offer sheet he would’ve signed with another team.
What new contract means for Josh Giddey
With no other suitors in a depressed market, there was no need for the Bulls to negotiate against themselves and overpay for Giddey, whose only other option was to sign the one-year qualifying offer for around $11.4 million. Had Giddey done that, he would’ve been betting on himself to post another career season, before hitting the open market next offseason.
With this deal, the Bulls show their commitment to Giddey as their point guard of the future, and do so at a relatively affordable rate. Giddey, on the other hand, gets the chance to build on the momentum he accrued late in the season.
Giddey averaged 14.6 points per game, but recorded career highs in assists (7.2), rebounds (8.1) and steals (1.2). Giddey, who has excellent size (6-foot-8) at the position, took ownership of Chicago’s offense and oversaw a significant improvement for the Bulls, particularly after the All-Star break.
Giddey, over the final 30 games of the season, averaged 18.9 points, 9.1 rebounds, 7.8 assists and 1.4 steals per game. In fact, five of Giddey’s seven triple-doubles last season came in the final month of the regular season.
What this means for the Chicago Bulls
Bulls coach Billy Donovan unlocked this productive play out of Giddey by putting the ball in his hands and allowing him the freedom to create – both for himself and for his teammates. Not only did Giddey’s play shine, but he also helped young players like rookie forward Matas Buzelis grow.
Pairing those two with shooting guard Coby White gives Chicago a nice, young core and one the Bulls can build around.
Now, it’s up to the Bulls coaching staff to continue entrusting Giddey, and it’s on the front office to put more talent around him.
One last point for Chicago: this deal signals some growth for the Bulls front office. They remained patient and didn’t cave to pressure to force an overpay – something the team learned from the five-year, $90 million contract it gave forward Patrick Williams. That deal proved premature for a player who simply hasn’t lived up to his potential.