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Breaking: Bulls, Josh Giddey agree to $100M deal

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Chicago Bulls guard Josh Giddey (3) celebrates with teammates after making the game-winning three point basket against the Los Angeles Lakers during the second half at United Center.

After waiting in restricted free agency for 71 days, the Chicago Bulls and Josh Giddey have agreed to a long-term deal.

First reported by ESPN, Giddey will get $100 million over four years to stay in Chicago.

Over the past months, Giddey was reported to have been seeking $30 million annually, while the Bulls were holding firm on their offer near $20 million. Recently, ESPN’s Bobby Marks reported that the Bulls had upped their offer from four years, $80 million to four years, $88 million, signaling the first movement towards compromise. Ultimately, the two sides meet in the middle.

Giddey was part of a group of four restricted free agents that were squeezed by an unfriendly market. Alongside Cam Thomas, who took the qualifying offer from the Brooklyn Nets, and Jonathan Kuminga and Quentin Grimes, who remain unsigned, Giddey had very little leverage to get the deal he was after. With very limited cap space around the league, there were no big-money offers out there for any restricted free agents.

As a result, it was possible the Bulls could have gotten Giddey to take less than $25 million, but ultimately they moved up their offer to meet at the halfway point.

Years were also a consideration. Having been offered less than he wanted in dollars, it may have behooved Giddey to take a shorter, three-year deal in order to get back on the market sooner. The Bulls may have wanted to lock Giddey into the longest deal possible to gain value on the out years — with the salary cap rising faster than annual raises, the contract would have been a smaller percentage of the cap the longer it went out.

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Instead, they again met in the middle after four years.

Full analysis of the deal to come.

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