The Chicago Bulls’ decision to trade Alex Caruso for Josh Giddey in the offseason was met with skepticism. And that’s putting it kindly.
ESPN surveyed a handful of NBA personnel about offseason transfers across the league. Several named the Chicago Bulls as having one of the worst summers, and reportedly cited the Caruso trade as part of the reason why. On one hand, it’s easy to call that a bit harsh. Josh Giddey is, after all, a former lottery pick with elite size and promising playmaking skills. He’s only 21 years old, but there’s a very real possibility he can develop into a backcourt player worth building around.
At the same time, that advantage doesn’t change the fact that Chicago still failed to capitalize on a prime opportunity. Alex Caruso had just been named to the All-Defensive Team for the second year in a row, and will also enter next year on one of the NBA’s best contracts (at less than $10.0 million!). While his value may have dropped since the trade deadline – where a team could have signed him for an additional playoff appearance, which would have increased his value – he still seemed like a player deserving of a fairly large sum. In other words, a sum that gave the Bulls some draft capital in addition to a promising young talent like Giddey.
This is especially true when we consider the very different season Giddey offered the league. When some of his on-ball responsibilities were taken away from him and the Thunder took the next step in competition, Giddey didn’t fit in. He became a liability as a defender and catch-and-shoot threat off the ball. A strong front office is using this disappointing season in negotiations. It really feels like the Bulls didn’t do that.
A savvy front office is also taking advantage of the fact that Josh Giddey is due a payday against OKC. While Alex Caruso could be in a similar situation, he’s a far more proven player. The Thunder should already feel relatively comfortable giving the defensive threat a new contract, especially given their status as a contender. As for the Bulls, they probably have no idea where to start on an updated contract with their new guard.
We must not forget how big the storyline will be in October. Giddey is one of 20 players currently eligible for a rookie scale extension, and the The Bulls have until the day before the start of the 2024-25 regular season to agree on the termsIf they fail to find common ground, they will enter the regular season and Giddey will likely enter restricted free agency next offseason.
The good news, as always, is that even if the Bulls decide to wait, they would still have the reins. They would have the right to match any contract with Giddey next summer, provided they make him a qualifying offer. We also know they are used to taking things to the extreme, having missed opportunities to re-sign Coby White and Patrick Williams and agree to rookie-level contract extensions in two consecutive years. Of course, they agreed to terms with both of them the following offseason.
But the Giddey situation feels different nonetheless. The Bulls’ front office had several years to evaluate White and Williams. They probably had a better sense of what their market would look like and how much they were willing to spend. Not to mention, they also didn’t trade either player for an extremely valuable player like Alex Caruso. I know this play can be dangerous, but we shouldn’t pretend that the fact that Giddey was the only piece Chicago got back for Caruso doesn’t matter. It puts serious pressure on the organization to get things right. Can you imagine if they had made that move only to lose Giddey a year later?
The good news is that the Bulls are in control. Even if they decide to start this season with Giddey in the final year of his contract (which I currently suspect will happen), they will be in control next summer. Still, Giddey is a crucial part of the team’s rebuild and free agency can get complicated quickly. The Bulls don’t need complexity.
