Josh Giddey, the 22-year-old Australian phenom, has transformed the Chicago Bulls from a middling franchise into a team with playoff aspirations, sparking a frenzy of NBA trade rumors about his looming $120 million contract extension, per Times of India. Acquired in a 2024 trade from the Oklahoma City Thunder, Giddey’s breakout 2024-25 season—capped by near-triple-double surges and a game-winning half-court buzzer-beater against the Lakers—has made him the Bulls’ cornerstone, per Sporting News. As restricted free agency approaches, the Bulls face a pivotal question: is Giddey’s elite playmaking, youth, and leadership worth a five-year, $120 million bet? Let’s dive into his rise, the contract debate, and why Chicago can’t afford to let their Aussie star slip away.
Giddey’s trade to Chicago for Alex Caruso in June 2024 was initially met with skepticism, per OKC Thunder Wire, but his 2024-25 season silenced doubters. Averaging 14.6 points, 8.1 rebounds, and 7.2 assists over 70 games, he joined LeBron James and Nikola Jokić as the only players with 1,000+ points, 500+ rebounds, and 500+ assists, per SMH. His post-All-Star break explosion—21.2 points, 10.7 rebounds, and 9.3 assists, per ClutchPoints—coincided with Zach LaVine’s trade, unlocking Giddey’s potential as a primary playmaker. With a projected $120-$150 million deal on the horizon, per HoopsHype, this analysis explores Giddey’s impact, the Bulls’ dilemma, and the risks of letting him walk.
Giddey’s Breakout: From Trade Afterthought to Bulls Cornerstone
Giddey’s journey in Chicago began with adjustment struggles, averaging 12.1 points pre-All-Star break, per Yahoo Sports. The LaVine trade in February 2025 was a turning point, as Giddey told Fox Sports Australia: “It opened up avenues for other guys to step into. I saw that as an opportunity to take on a bigger responsibility,” per ClutchPoints. Post-trade, his 45.7% three-point shooting and seven triple-doubles, including a 28-point, 16-rebound, 11-assist gem, placed him among NBA elites like Michael Jordan in Bulls history, per StatMuse. X posts from @chicagobulls showcased his 503 assists, with highlights like his half-court game-winner against the Lakers, per Heavy.com. His vocal leadership, praised by Lonzo Ball on the “WAE! Show,” cemented his role as Chicago’s floor general, per Heavy.com.
The $120 Million Contract Debate
As a restricted free agent, Giddey can receive offers from rivals, but the Bulls can match, per NBA insider Jake Fischer. Fischer projects a five-year, $120 million deal ($30 million annually), though Michael Scotto of HoopsHype reports Giddey seeks $150 million, akin to Jalen Suggs’ deal, per SI.com. His current $8.4 million salary pales against his projected $30 million AAV, aligning with stars like Tyler Herro, per Spotrac. X posts like @BullsCentralYT call $120 million “a great deal” given the NBA’s rising salary cap, projecting it as 15.5% of next year’s cap. However, @SBN_Ricky warns that Giddey’s inconsistent early-season shooting and defense could trap the Bulls in mediocrity if overpaid. The Bulls’ history of shedding Zach LaVine’s contract and Patrick Williams’ underwhelming $90 million deal adds pressure to get this right, per Heavy.com.
Why the Bulls Must Keep Giddey
Giddey’s value to Chicago is undeniable. First, his post-deadline dominance—near-triple-double averages—shows he thrives as a primary option, per Times of India. Second, at 22, his upside is immense, with stats rivaling young stars like LaMelo Ball, per Sporting News. Third, the Bulls’ roster lacks young talent, with Coby White and Matas Buzelis as complementary pieces, per Chicago Tribune. Losing Giddey risks stalling Chicago’s rebuild, especially with trade rumors linking him to stars like LaMelo Ball or Jonathan Kuminga, per Sporting News. Fischer’s “working assumption” that Chicago will retain Giddey, per Yahoo Sports, aligns with the Bulls’ need for stability. Giddey’s rare feat—joining Jordan and Pippen with 1,000/500/500 in a Bulls season—underscores his franchise-altering potential, per StatMamba.
Risks and Challenges
Critics highlight risks in Giddey’s payday. Early-season struggles (38% FG, 31% 3PT) and defensive lapses raised doubts, per Chicago Tribune. @SBN_Ricky’s X post argues Giddey’s talent keeps Chicago from top draft picks, perpetuating mediocrity. Trade proposals, like swapping Giddey for LaMelo Ball, suggest the Bulls could pivot to a flashier star, per Sporting News, but Ball’s $203 million contract and injury history pose risks, per Heavy.com. The Bulls’ cap constraints, with potential $70 million backcourt commitments to Giddey and White, per @DieHardCBfans, complicate matters. Yet, Giddey’s post-All-Star leap and playmaking (7.2 assists) outweigh concerns, especially as he improved defensively, per Chicago Tribune.
Broader Implications
Giddey’s contract will shape Chicago’s future. A $120-$150 million deal locks in a young core with White and Buzelis, positioning the Bulls for playoff contention, per SI.com. His local league cameo in Melbourne, per Daily Mail, shows his grounded nature, endearing him to fans. However, overpaying could limit flexibility, especially with Nikola Vucevic and White’s contracts looming, per Yardbarker. The Bulls’ trade for Giddey, once mocked, is now a win-win, per OKC Thunder Wire, but failing to secure him could haunt Chicago. As Fischer notes, the Bulls’ confidence in retaining Giddey signals a commitment to their Aussie star, per ClutchPoints.
Josh Giddey’s rise from trade afterthought to Chicago’s cornerstone has sparked a $120 million question: is he worth the Bulls’ high-stakes bet? His near-triple-doubles, leadership, and youth scream yes, but risks like early inconsistency and cap constraints loom. With restricted free agency nearing, Chicago can’t afford to lose their Aussie superstar. Giddey’s story is one of redemption and potential, rekindling hope for a franchise starved for success. Will the Bulls pay up, or risk losing their future?