In a new report from Joe Cowley of the Chicago Sun-Times, he shared that the Bulls and Giddey are $10 million apart on a new deal. Giddey is searching for a contract in the $30 million per year range, while Chicago is motivated to keep that deal closer to $20 million per season.

Giddey has the option to bet on himself by accepting his $11.1 million qualifying offer, playing out the 2025-26 campaign before hitting unrestricted free agency next summer. However, that route would leave Chicago at risk of losing the 6-foot-8 guard for nothing after acquiring him in exchange for Alex Caruso in June 2024.

While the sides remain stuck in the sand on the terms for a contract extension for the restricted free agent, it's not even August yet in what is being called "a negotiation."