Following a breakout first season with the Chicago Bulls, restricted free agent guard Josh Giddey has been widely expected to re-sign on a hefty new deal. However, according to NBA insider and ex-Brooklyn Nets assistant general manager Bobby Marks, contract negotiations between Giddey and Chicago aren’t progressing as smoothly as anticipated.
Upon getting traded from the Oklahoma City Thunder last offseason, Giddey flourished in a lead playmaking role with the Bulls. The fourth-year player spearheaded their fast-paced, run-and-gun offense, resulting in the franchise’s third consecutive play-in appearance.
After earning $8.4 million in the final year of his rookie contract, Giddey is reportedly “expected to command a salary near $30 million annually.” As free agency progresses, tension is growing as he and Chicago are yet to reach an agreement.
Bobby Marks Theorizes Josh Giddey Could Sign Qualifying Offer Amid Impasse With Bulls
Ahead of free agency, Chicago tendered Giddey a qualifying offer for next season, reportedly valued at $11.1 million, making him a restricted free agent. The qualifying offer was initially viewed as a placeholder while he worked toward a new contract.
However, according to Marks, after reaching a standstill with the Bulls, Giddey could consider signing it and entering unrestricted free agency next year.
“In the last 10 years, we’ve had five players sign qualifying offers, and what the qualifying offer does is it’s a one-year contract and then you become an unrestricted free agent next offseason,” Marks reported on Wednesday night (from 4:48 onwards). “Because it’s a one-year contract, you have full authority on any trade, so you have veto power on trades.
“The problem is that if you approve a trade and you are traded to that team, you will lose your bird rights, the ability to exceed the salary cap. You’re basically treated like a normal free agent here. So, there is a leverage play with that. It gives that player certainly the rights to basically play out the season here and enter free agency next offseason. He would still have bird rights here.”
“So, let’s keep an eye on the future of Josh Giddey in Chicago. I made a joke during our production meeting. I said, ‘They’re about the Gulf of Mexico apart.’ Figure that out,” he added.
This contradicts a previous report at the outset of free agency from Chicago Sports Network’s K.C. Johnson, who speculated that it was just “a matter of time” before Giddey re-signed. Johnson added that the 22-year-old is the “Bulls’ primary focus,” and that he hadn’t “heard any potential snags or hold-ups.”
That said, the Chicago insider acknowledged “the remote possibility that they don’t find common ground and Giddey plays next year on a qualifying offer.”
“I think both sides are still confident a deal will be done here in Chicago.”
@KCJHoop on Josh Giddey and the start of free agency today: pic.twitter.com/F2JIrfLcZk— Bulls on CHSN (@CHSN_Bulls) June 30, 2025
As such, Bulls fans may need to brace for the possibility that one of their most promising young players enters next season on an expiring contract.
