The NBA’s 2025 free agency period has been full of surprises, but few situations have garnered as much attention as Josh Giddey’s ongoing contract negotiations. Nearly three weeks into summer’s free agency frenzy, the 22-year-old Chicago Bulls guard remains unsigned despite establishing himself as one of the league’s most promising young talents.
While many expected Giddey to quickly secure a new deal after his breakout season with the Bulls, a significant contract stalemate has emerged between the player and the team. The young Australian’s impressive post-All-Star-break performance has made him one of the most coveted restricted free agents on the market.
The $30 Million Contract Standoff With Chicago
The primary obstacle preventing Giddey from signing a new deal centers on a substantial gap in financial expectations between his representatives and the Bulls’ front office. According to multiple reports, Giddey is seeking approximately $30 million annually for his next contract, while the Bulls are offering closer to $20 million per year.
This gap has remained steadfast since contract discussions began earlier this summer. Stein Line’s Jake Fischer reported that “Giddey’s representation has not wavered in its pursuit of a $30 million annual salary, sources say, while the Bulls’ offers have been much closer to $20 million.” The Bulls appear cautious after their Patrick Williams experience.
Williams was given a five-year, $90 million deal that was soon seen as an overpay due to his inconsistent play and injury issues. The Bulls don’t want to repeat that mistake with another young player. So they’re being extra careful not to give Giddey too much money too quickly.
Giddey’s contract demands make sense given his recent performance. After a slow start following his trade from Oklahoma City, he improved his play after the All-Star break.
When Josh Giddey did this on a random Thursday night pic.twitter.com/TSEUS0AHK0 https://t.co/fKE4Ivgdc8
— Giddeystaysilly3 (@GiddeystaySilly) June 25, 2025
During his final 19 games, Giddey averaged 21.2 points, 10.7 rebounds and 9.3 assists while shooting 50% from the field, 46% from three-point range, and 81% from the free-throw line.
Recent reports indicate that Giddey had lunch with Bulls head coach Billy Donovan in Las Vegas, and team executives were scheduled to meet with his agent. Multiple sources have expressed optimism that the two sides will eventually reach an agreement somewhere between their current positions.
Why Restricted Free Agency Creates Delays and How Offer Sheets Work
Giddey’s situation is complicated by his status as a restricted free agent, which limits player movement and makes negotiations take longer. A restricted free agent can sign an offer sheet with any team, but his original team can keep him by matching the terms of that offer.
The process creates natural delays in contract signings. When a restricted free agent wants to join another team, several steps must happen that don’t apply to unrestricted free agents.
An offer sheet is a contract offer of at least two years made by another team with sufficient salary cap space to a restricted free agent. The player’s current team has three days to match the offer or they lose the player to the new team. However, offer sheets have some restrictions that make them less appealing for teams.
Teams face limits when offering contracts to certain restricted free agents. For players with two years or less of NBA experience, the maximum first-year salary in an offer sheet is around $14 million. However, since Giddey has already played four seasons, these restrictions don’t apply to him.
These restrictions mean that offer sheets often don’t give teams the flexibility they need to make truly attractive offers to players or the teams trying to sign them. Also, rules on signing bonuses prevent teams from putting together contract offers that would be hard for original teams to match.
Giddey isn’t alone in his situation. Other big-name restricted free agents, including Jonathan Kuminga (Warriors), Cam Thomas (Nets), and Quentin Grimes (76ers) also remain unsigned, underscoring how tough the market is for players in this category. The new collective bargaining agreement has made things even more difficult.
Brooklyn Nets Are the Only Team With Enough Cap Space To Make an Offer
Only the Brooklyn Nets have more than $20 million in cap space this offseason, giving them huge power in the market. This lets them make big offers that other teams simply can’t afford. Some analysts think Brooklyn could offer Giddey a four-year, $120.3 million deal starting at $32.5 million annually with trade bonuses to make it tough for Chicago to match.
However, the Bulls still control the situation. They gave Giddey a qualifying offer of $11.14 million, which means they can match any outside offers. Even though he’s been at the Summer League in Las Vegas, Giddey hasn’t gotten any offer sheets from other teams yet.
The 2025 free agency period has been marked by very little cap space across the NBA, with most teams already locked into their rosters. This has limited Giddey’s options outside Chicago.
One potential outcome is Giddey accepting the Bulls’ qualifying offer, making him an unrestricted free agent in 2026 when more teams may have cap space. The Oct. 1 deadline for accepting that offer creates natural pressure for both sides to reach a deal.
