The 22-year-old Australian guard has signed a four-year contract worth around AU$150 million, ending one of the summer's most closely followed free agency standoffs.

A long negotiation finally resolved

Talks between Giddey and the Bulls dragged on for more than two months.

Chicago initially held firm around an offer closer to AU$30 million annually, while Giddey and his management sought a figure closer to AU$45 million. With few teams possessing the cap space to make a competitive offer under the NBA's new restrictive “two-apron” system, Giddey's leverage was limited.

In the end, the two sides found middle ground.

At roughly AU$37.5 million per year, Giddey becomes one of Australia's highest-paid athletes, behind F1 star Oscar Piastri and ahead of NFL lineman Jordan Mailata, while Chicago locks in its long-term point guard. The deal is fully guaranteed with no player or team options.

Why it took so long

The delay wasn't only about dollars.

Even after terms were agreed upon, Giddey chose to fly back from Australia to sign the contract in person at the Bulls' Advocate Center rather than using an electronic signature. It was a symbolic gesture showcasing his desire to make the moment official in Chicago and turn the page on a drawn-out process.

Breakout Season Cemented His Value

Following the trade of Zach LaVine, the 6'8 guard flourished with full control of the offence in the second half of last season.

Post All-Star break, he nearly averaged a triple-double: 21.2 points, 10.7 rebounds, and 9.3 assists per game, while shooting 46 per cent from three. For a player once criticised for his outside shot, it was a statement stretch. He finished the year with seven triple-doubles, the most by a Bull since Michael Jordan's 15 in 1988-89.

What It Means for the Bulls

By trading Lonzo Ball to Cleveland earlier this offseason, the Bulls signalled their full trust in Giddey as their lead ball handler. The challenge now is building a competitive roster around him.

Young scorers Coby White and Matas Buzelis are expected to thrive alongside his playmaking, while centre Nikola Vucevic could become trade bait as the team reshapes its identity.

The Bulls finished last year with a 39-43 record and fell short in the play-in tournament. With Giddey locked in, the front office expects progress: a playoff run and, ideally, a deeper postseason run. Anything less may be viewed as a failure.

The Bigger Picture

Beyond Chicago, Giddey's new deal elevates his profile as one of Australia's leading basketball exports.

With just under 4,000 points, 2,100 rebounds, and 1,700 assists already in his career, he joins a short list of players, including LeBron James, Magic Johnson, and Luka Doncic, who have reached those benchmarks within their first four seasons.

It also cements his role as the centrepiece of the Boomers' future.

Fresh off the Paris Olympics, Giddey is set to lead Australia into the 2027 FIBA World Cup and the 2028 Los Angeles Olympics, where expectations will be high for medals.

Josh Giddey may not yet be the best player on a championship roster, but Chicago has chosen to bet big on his upside. At 22, the Bulls believe he's worth the investment.

For Giddey, the deal represents both financial security and the opportunity to grow into the franchise cornerstone he's shown glimpses of becoming.