Australian basketball star Josh Giddey has ended a contract standoff with NBA team the Chicago Bulls.
The team on Wednesday morning confirmed the 22-year-old from Melbourne has agreed to recommit long-term.
While the Bulls did not disclose details, multiple reports say the contract is for four years on a deal worth around AUD$150 million.
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The deal comes after a breakout season for the Australian. After the NBA's All-Star break, he averaged 21.2 points per game, 10.7 rebounds, 9.3 assists and shot 45.7 per cent from three, earning him votes for the Most Improved Player award.
Giddey reportedly was seeking a contract worth $45m per season, but the Bulls played hard ball and he has ultimately agreed to terms on around $37.5m per season.
As a restricted free agent, the Aussie would have hoped a rival team's offer sheet would set a price for Chicago to match. The Bulls had the right to match any offer presented to Giddey, but none seemingly came his way.
However, it was an odd off-season in NBA free agency. Only a couple of teams had sufficient salary cap space to even feasibly make him an offer.
The NBA's new collective bargaining agreement also now punishes teams significantly harder for going too far over the salary cap, making franchises skittish about these kinds of offers.
Fellow restricted free agent stars in Brooklyn's Cam Thomas and Golden State's Jonathan Kuminga are in similar boats.
Thomas ultimately chose to bet on himself, agreeing to a one-year $6m qualifying offer with the Nets, which will allow him to hit unrestricted free agency next off-season and sign wherever he wants.
Kuminga meanwhile remains in his own negotiation standoff with the Warriors.
Giddey is now under contract with Chicago until the end of the 2028-2029 season, by which point he will have a career earnings of $197m.
By that point he will still only be 27 and able to sign another contract in unrestricted free agency.
Ben Simmons still sits No.1 for Australian career earnings out of the NBA at $308m.
Giddey was the No.6 pick in the 2021 NBA draft and played for Oklahoma City Thunder before being traded to Chicago last year.
He began has professional career with the Adelaide 36ers in Australia's NBL and represented the country at the Paris Olympics.
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