Report: Bulls never had any ‘meaningful negotiations’ with Josh Giddey on contract extension

The Chicago Bulls and newcomer Josh Giddey reportedly never really had any “meaningful negotiations” on a contract extension before Monday’s deadline passed.

“I will say on Josh Giddey, from what I understand…there was never really any meaningful negotiations there, which was a surprise to me,” ESPN’s Brian Windhorst said. “I thought the Bulls were gonna be under some amount of pressure to get him done because they traded Alex Caruso for him.

“I was talkin’ to one executive the other day, and they thought Alex Caruso’s value was two first-round picks, basically. Now, first-round picks in this day and age are fungible — they’re not all created equal, so — but basically, he thought the equivalent of trading two firsts for Josh Giddey.”

Giddey will now enter the 2024-25 season with restricted free agency looming in the 2025 offseason.

The 22-year-old still hasn’t appeared in a regular-season game for the Bulls, who acquired him in June. Caruso was the only other piece involved in the trade, with the Bulls and Oklahoma City Thunder swapping the players in a one-for-one deal.

At his best, Giddey can be a triple-double threat. In three NBA seasons so far, he has averaged 13.9 points, 7.3 rebounds and 5.7 assists per game on 46.4 percent shooting from the field and 31.0 percent shooting from deep.

But the Bulls certainly paid a price to get him, losing one of the best 3-and-D players in the league in Caruso. With that being the case, Chicago may want to maximize its return on investment and keep Giddey around for several seasons, but the team evidently wasn’t in a rush to do this offseason.

It’s worth noting that Caruso also only has one season left on his deal, so the Bulls didn’t give up a player with a ton of club control. The Thunder could certainly extend him, however. He will be extension eligible in December.

The Bulls will open their season on Wednesday against the New Orleans Pelicans on the road. The matchup will give Giddey a chance to make a statement in his first meaningful action for his new team.

He may have a chip on his shoulder after the way his offseason went, and he may also be motivated to prove that he’s worthy of a big contract next offseason now that he’s scheduled to become a restricted free agent. This season will be Giddey’s fourth in the NBA after he was drafted in the first round in 2021.