The Bulls fell short of making the playoffs in 2025 but were able to pick another young lottery pick in the draft.
They aren't exactly a 'win now' team, but securing a contract extension with Josh Giddey is one of their biggest priorities either way.
Things could start to get ugly, though, after reports came out about the negotiation situation.
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What is the update on Giddey?
Bulls insider, K.C. Johnson, reported in regards to Giddey's contract negotiations that "Josh Giddey and the Bulls are currently at a stalemate."
This appears to be concerning on the surface, which it slightly is, but Johnson emphasized that there is no frustration or anger from either side at the moment, and that the stalemate shouldn't be viewed as a massive concern right now.
While this is true, there is a potentially dangerous outcome in this situation for the Bulls and their fans.
There is a good chance that Giddey could accept a qualifying offer worth around $11 million for the upcoming season, if Giddey and the Bulls can't agree on a price this summer.
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The issue with that on the Bulls' end is that he would then become an unrestricted free agent next season.
That takes some of the control out of the Bulls' hands and could lead to another team offering Giddey a contract that Chicago can't/doesn't want to match next summer.
The Bulls fully intend to bring Josh Giddey back, but as expected, Giddey wants to get paid what he believes he's worth, which could mean that he plays the long game and potentially ends up on another team next offseason, if it comes to that.
Giddey was acquired last offseason by the Bulls and averaged 14.6 points, 8.1 rebounds and 7.2 assists in 70 games.
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