After two months of negotiations, Josh Giddey and the Chicago Bulls agreed on a four-year, $100 million deal. The deal is favorable to the Bulls, and the term length of this long-awaited move signals that the franchise has determined the runway for its rebuild.
Free agency this offseason started fast. Kevin Durant went to the Rockets in a trade. The Atlanta Hawks landed Nickeil Alexander-Walker and Kristaps Porzingis. The Orlando Magic picked up Desmond Bane.
Big extensions followed. Luka Dončić signed a three-year deal. The Thunder locked in Shai Gilgeous-Alexander, Chet Holmgren and Jalen Williams. Then players signed with new teams. Damian Lillard rejoined the Trail Blazers. Chris Paul and Bradley Beal signed with the Clippers.
Through it all, the Bulls stayed quiet.
Chicago traded Lonzo Ball to the Cavaliers for Isaac Okoro, then re-signed Tre Jones to replace Ball. That has been it, until now.
Just in: Restricted free agent Josh Giddey has reached agreement on a four-year, $100 million deal to re-sign with the Chicago Bulls, agent Daniel Moldovan of Lighthouse Sports Management tells ESPN. pic.twitter.com/RtJqf7P679
— Shams Charania (@ShamsCharania) September 9, 2025
Why Signing Giddey was Important
Last offseason signaled a shift in philosophy from Arturas Karnisovas. Karnisovas traded picks early in his tenure so the Bulls could try and become a contending team. That plan worked… until it didn’t.
The Bulls were the No. 1 seed in the Eastern Conference before Ball tore his meniscus. Karnisovas kept the team together, hoping for Ball to recover, but after two seasons of rehab, Karnisovas started building towards a new era.
One of the moves Karnisovas made last offseason was trading Alex Caruso for Giddey, which he followed up by trading away Zach LaVine during the season. Giddey started to flourish without LaVine, and so did the Bulls.
Chicago closed the 2024-25 season with 15 wins in its final 20 games; Giddey was the main reason. He improved on defense and posted a career high three-point percentage. Against the Lakers, he nearly notched a quadruple-double: 15 points, 10 rebounds, 17 assists and eight steals.
Re-signing Giddey became the Bulls’ top priority this summer. They finally got it done.
Bulls fans were skeptical of the front office’s negotiation tactics after they overpaid Patrick Williams last year, who was also a restricted free agent, before he could test the open market. Still, fans were scared that the front office played too much hardball with Giddey after reports of him being frustrated with the Bulls. In the end, the Bulls got Giddey on an affordable deal for four years.
Giddey’s average annual value on his new contract is $25 million. For context in the point guard market, Immanuel Quickley makes $32.5 million annually. Giddey earns the same as Fred VanVleet and is close to Derrick White and Terry Rozier. That’s third-option point guard money, but Giddey is Chicago’s best player.
What This Means for the Future
Giddey’s extension puts him on the Bulls for four more years. Head coach Billy Donovan and Karnisovas also received extensions this offseason, the details of which are unknown. Karnisovas’ and Donovan’s jobs are likely tied in some regard to Giddey — I’d guess their extensions are at least four years as well. That would mean this version of the Bulls’ rebuild has around four years to produce results.
The Bulls have locked Giddey in. They are focusing on developing their two wings for the future, Matas Buzelis and Noa Essengue. Chicago still needs to hit on draft picks and extend Coby White, either during the 2025-26 season or the 2026 offseason. But for fans, there is now a timeline for what Karnisovas calls a “transition”.