Josh Giddey is at the center of the Bulls’ contract talks, with reports of a four-year, $80 million offer climbing to $88 million—a move that nudges Chicago toward a middle ground on a top-tier starting point guard deal. The Bulls are signaling a willingness to increase, but risk overpaying in a market where every dollar counts under the new CBA. Cam Thomas pivots to Nets, signing a one-year, $6 million qualifying offer with no-trade protections, preserving value and future flexibility as teams eye cap space next season. LeBron James and Lakers loom as possible cap-space destinations, adding fuel to the 2025 free-agent chessboard, while Bulls remain intent on keeping Giddey long-term.

Across the league, cap projections suggest 10 teams with space in theory, but real space evaporates after holds and roster needs. The Shams/ESPN chatter around restricted free agents—with Kuminga or Giddey potentially taking the qualifying offer—signals a shifting precedent that could reshape next summer’s market. For fantasy hoops, the trajectory hinges on whether Giddey signs now, or bets on a bigger payday after training camp, while Cam Thomas could emerge as a prime sleeper if his restricted market opens up next year.