Giddey re-signs on $150 million deal with Chicago Bulls

6 days ago 6

Australian Josh Giddey’s contract stand-off with the Chicago Bulls has come to an end: the 22-year-old has re-signed with the club on a four-year deal worth $150 million (US$100 million).

The deal ends a months-long stalemate between Giddey and the club, and makes the Melburnian one of the country’s highest-paid athletes behind F1 driver Oscar Piastri who earns an estimated $40 million a year, and ahead of Super Bowl champion Jordan Mailata who earns a reported $34 million a season with the Philadelphia Eagles.

Australian Josh Giddey will be with the Chicago Bulls for another four years.

Giddey became the fifth Australian to play for the famous club after his former team, the Oklahoma City Thunder, traded him to the Bulls in the 2024 off-season.

The Australian point guard had been a regular starter since being taken with the sixth pick in the 2021 NBA Draft, but fell out of the Thunder’s main rotation during the 2023-24 season.

Will Giddey and the Bulls be happy?

Yes. And this was the outcome expected by Australian basketball sources who have followed the stand-off closely. The Bulls had played hardball, having refused to budge on a four-year deal worth $30 million a season. Giddey, meanwhile, had sought a $45 million-a-season deal, having perused the contracts of rival point guards. But his timing was not the greatest, for his bid for a major increase came at a time when teams are increasingly cramped by the NBA’s new two-apron tax system, which imposes financial and trade restrictions on teams that spend above certain levels. This has led to multiple teams looking to shed salaries to avoid penalty.

That the Brooklyn Nets were the only team with major salary cap space this off-season also meant there were few options for the restricted free agent. He did have the option of accepting the Bulls’ initial one-year, $17 million qualifying offer and entering unrestricted free agency in July 2026 (ability to negotiate with rivals).

But with training camp on the horizon, Giddey’s manager, Daniel Moldovan of Lighthouse Sports Management, found the middle ground for his client, who is now locked down for the next four years for $37.5 million a season.

The deal is fully guaranteed and contains no player or team options.

What does this mean for Giddey on court?

Plenty, as it confirms the pass-first point guard as the face of the famous franchise, although the Bulls still appear mired in mid-tier mediocrity. Giddey’s switch to the Bulls in June last year resulted in him reaching career-best form, notching seven triple-doubles (when a player reaches double digits in three of rebounds, assists, steals or blocks) for the season – the most in Bulls’ history since Michael Jordan posted 15 in the 1988-89 season.

Giddey averaged 14.6 points along with career highs of 8.1 rebounds, 7.2 assists and 1.2 steals in 70 games with the Bulls in 2024-25. His game went to a new level after the All-Star break when former franchise cornerstone Zach LaVine was traded, Giddey averaging 21.2 points, 10.7 rebounds and 9.3 assists on 50 per cent shooting, including 46 per cent from three in what had been a weakness in his game, for the rest of the season.

He played through a muscle tear in the palm of his shooting hand for the final month of the campaign, but this has now healed, and he has spent considerable time in Melbourne over the off-season working out.

Josh Giddey playing for the Boomers at the 2024 Olympics in Paris.

That the Bulls traded Lonzo Ball to Cleveland in June reinforced that they wanted Giddey as their primary ball handler.

With 3942 points, 2100 rebounds and 1703 assists, Giddey is one of eight players to reach those minimum thresholds after four seasons, joining Larry Bird, Luka Doncic, Grant Hill, LeBron James, Magic Johnson, Oscar Robertson and Ben Simmons.

This contract also solidifies Giddey’s status as the face of a new-look Australian Boomers, heading into the FIBA World Cup in Qatar in 2027, and the Los Angeles Olympics in 2028.

Where to now for the Bulls?

Good question. The Bulls have perennially rebuilt and flip-flopped in their recruiting philosophy since opting to blow up Jordan’s championship dynasty after his sixth title in 1997-98.

There were some positive signs when they enjoyed a 15-5 finish to last season (39-43 overall) secure a play-in tournament berth. Giddey played in 13 of those games and averaged 20.6 points, 10.7 rebounds and 9.7 assists over that period, but the Bulls were eliminated by the Miami Heat in a play-in game in an eastern conference weak in depth.

They will now hope Giddey can lead a fast-paced, high transition team under Hall of Fame coach Billy Donovan, become an All Star and guide the Bulls into the play-offs. They need scorers Coby White and Matas Buzelis to thrive alongside Giddey, but centre Nikola Vucevic could be on the move come the trade deadline.