The NBA's rookie contract extension deadline has passed and Josh Giddey has not received a new contract from the Chicago Bulls.

That means Giddey will become a restricted free agent after the 2024-25 season — his first season with the Bulls after being traded from the Oklahoma City Thunder.

Other big names from the 2021 draft class foregoing extensions beyond their standard rookie deals include Golden State's Jonathan Kuminga and Brooklyn's Cam Thomas.

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NBA insider Jake Fischer reported over the weekend that Giddey is seeking at least $30 million (AUD45 million) per year for his next contract. It's the same contract that Atlanta's Jalen Johnson and Orlando's Jalen Suggs signed with their respective teams on Tuesday (all times AEDT).

“Immanuel Quickley's five-year, $175 million contract with Toronto last summer set a benchmark for young players in the NBA. According to sources, Josh Giddey is reportedly seeking at least $30 million in AAV in his next deal, although the Bulls appear to be more interested in evaluating Giddey in this first season in Chicago before committing that kind of money to the Australian playmaker let it go,” Fischer wrote .

The 22-year-old Australian is currently on a four-year, $27 million contract that he has signed with the Thunder since being selected No. 7 in the 2021 NBA Draft.

Shortly after joining the Bulls, Giddey said his potential contract extension was “not the be-all and end-all for me” and “either way it's fine.”

It's worth noting that the fact that Giddey didn't receive an extension doesn't necessarily mean he'll be leaving the Bulls after this season. As a restricted free agent, they would have the right to match any offer he received on the open market.

It's an odd move after Chicago paid a heavy price to sign Giddey by trading Alex Caruso, who was in high demand in the NBA. Especially when it turned out that Giddey was a one-year rental from the Bulls.

But the retooled Bulls now clearly want to remain flexible and keep their options open rather than marrying players long-term. Wait and see how the point guard performs on his new team before spending big to keep him.

“Giddey is the highest drafted player in the 2021 class who did not meet the terms of a rookie extension,” Bulls insider KC Johnson said on Chicago Sports Network.

“But that just means Giddey will be a restricted free agent in a summer when not many teams are expected to have salary cap space.

“I would certainly expect them to reach (an extension) next offseason. You don’t trade Alex Caruso for Josh Giddey to let him walk.”

Chicago also decided against extending players such as Patrick Williams, Ayo Dosunmu and Coby White, all of whom will be free agents at the end of the season.

In fact, Arturas Karnisovas, the Bulls' executive vice president of basketball operations, has never signed a player to a rookie extension in over four years with the team.

However, this may say more about the players they had than Karnisovas' strategy, as the Bulls manager spoke glowingly of Giddey after the team acquired him in June.

“He’s still 21,” Karnisovas said. “His production has been really good over the last three years. He has room to grow and I think he can show more depth here in Chicago and make everyone else better.”

Of course, Giddey, who is one of the favorites for the Most Improved Player of the Year award, could still see his value increase this season as he finds himself in a better situation with the Bulls. And so the team may have missed the chance to lock him up for something cheaper.

If Chicago trades Zach LaVine and/or Nikola Vucevic, Giddey's role for the team will only increase.

But things could always go differently and Giddey is struggling with a greater burden in what is shaping up to be a crucial season for the Australian.

The advantage is obvious with Giddey – a 203 cm tall guard with first-class passing and vision who has recorded eleven triple-doubles in his career. He's still at a stage in his career where there's a “what if” about what he could be.

And like his early days with the Thunder, he will now have a greater opportunity to show what he can do for Billy Donovan's Bulls.

But his lack of development on defense and outside shooting — which led to his role for OKC shrinking so much last season that he was benched in the playoffs — remains an issue.

However, as with any player, if the good outweighs the bad and the strengths are sufficiently showcased, Giddey will get his reward. It's just on pause for now.