Only one of the four marquee restricted free agent dominoes has fallen thus far. That'd be Brooklyn Nets' guard Cam Thomas, who signed his one-year, $6 million qualifying offer, ultimately betting on himself instead of accepting one of Brooklyn's reported short-term offers.
As a result, the prevailing thought is that Josh Giddey could take the same path, signing his $11.1 million qualifying offer instead of settling for an unwelcome contract offer. However, Giddey signing the qualifying offer isn't in the best interest of either party.
The 22-year-old guard has made it clear he wants to stay in Chicago, expressing his desire for a long-term deal with the Bulls. Even so, Chicago has balked at Giddey’s request for roughly $30 million per season, mindful of the leverage they hold in restricted free agency after brazenly re-signing Patrick Williams to a $90 million contract a year prior.
Still, that doesn't rule out the Bulls and Giddey coming to a compromise. Most recently, it's been reported that Chicago has upped its offer to four years and $88 million. That's an $8 million increase from the Bulls' reported four-year, $80 million pact to kick off the offseason.
A $26 million compromise is the best-case scenario for all parties
Of course, $22 million still isn't anywhere in the ballpark of Giddey's $30 million asking price. Chicago and the 6-foot-8 floor general remain a ways apart. Though there could very well be another compromise on the horizon.
Some quick math points to $26 million as the midpoint between $22 and $30 million. It's a totally fair compromise for both parties. Giddey doesn't receive the $30 million he's been hankering for, but a four-year, $104 million contract isn't too shabby, especially for a 22-year-old set to enter free agency again by 26 years old (if he were to sign the proposed deal).
On the other hand, Chicago keeps a rising floor general at a rate below the going market price for starting point guards. A $26 million per annum salary would rank Giddey 20th amongst point guards, notably less than Dejounte Murray, Immanuel Quickley, and Jalen Suggs.
Lastly, the Bulls gave up All-NBA Defensive selection Alex Caruso to acquire Giddey—he wasn't merely brought to town in exchange for pennies on the dollar. While the Bulls shouldn’t feel obligated to re-sign Giddey just because of who they gave up to get him, that reality remains part of the equation.