The Bulls' Alex Caruso Trade is Becoming Even Harder to Stomach

I fully recognize that many Chicago Bulls fans would advise me not to reopen this can of worms. Then again, I had a designated time-out chair in the corner of my childhood living room for a reason. Listening wasn't always my strong suit, folks!

The more I watch the Western Conference Finals unfold, the harder it is not to think back to the summer of 2024. Did most agree that moving on from Alex Caruso was the right decision for the Chicago Bulls? Absolutely. He was a luxury for a team going nowhere and in need of long-term help. But the fact that it even took until that summer for the organization to strike a deal frustrated many, especially as rumors swirled at the prior deadline of immense interest around the league.

To be sure, Caruso's value didn't necessarily plummet. He was still viewed as an elite defender and role player on a fantastic salary. However, it still served as another prime example of Arturas Karnisovas failing to properly leverage the market. And this only felt more apparent once he actually settled on a deal with Oklahoma City.

Revisting the Alex Caruso & Josh Giddey Trade

Mar 31, 2025; Oklahoma City, Oklahoma, USA; Chicago Bulls guard Josh Giddey (3) looks to pass as Oklahoma City Thunder guard Alex Caruso (9) defends during the second quarter at Paycom Center. Mandatory Credit: Alonzo Adams-Imagn Images | Alonzo Adams-Imagn Images

The Thunder's Sam Presti convinced Arturas Karnisovas to swap Alex Caruso straight-up for Josh Giddey. It was a remarkably rare one-for-one player swap that left many fans and analysts alike baffled. Has the trade aged better than some initially expected? Yes, and I think that's fair to admit. Giddey has played some of the best basketball of his career in Chicago, improving most notably as a three-point shooter.

At the same time, the flaws are still very apparent. Giddey is a subpar defender with a lack of raw athleticism. His willingness to use his jumbo frame and score aggressively has come and gone, yet he needs the ball in his hands to be effective. The 23-year-old is still very much a polarizing talent, which is why it will be fascinating to see what a new front office does with him moving forward. Does Bryson Graham really view him as the backbone of a winning team?

As we ask this question, Caruso continues to carve out his bust in the Role Player Hall of Fame. He has been downright fantastic for Thunder on the biggest stage, averaging 17.0 points with 2.6 stocks (steals + blocks) over the first five games against the Spurs. He's even shot an absurd 18-31 from three-point range and gotten to the free throw line for over 4.0 attempts a night. In the team's most recent Game 5 win, he dropped 22 points with 6 assists and 3 steals.

Alex Caruso is shooting 47.7% from three this postseason, 18.4% higher than he did in the regular season (29.3%).

That's on pace to be the biggest jump in 3P% from the regular season to the playoffs in NBA history (min. 50 attempts in both).
— Keerthika Uthayakumar (@keerthikau) May 27, 2026

Many have been quick to compare Caruso's modest regular-season stat line to Giddey's more robust box score. Many will call out Giddey's second-place standing on the 2025-26 triple-double leaderboard as proof of a perfect transaction. But there is little doubt that one player has proven to impact winning considerably more, and this is exactly why the Thunder wanted him in the first place.

Does any of this mean that Giddey isn't a worthwhile piece to add to the puzzle? No. He made more sense for the Bulls at the time than Caruso. However, the Bulls knew what Caruso brought to the table and why it could be of significant value to an emerging OKC team. And they failed to take advantage of that properly.

Context matters. This is why the trade felt misguided at the time and continues to feel that way to this day. Caruso was coming off his second straight All-Defensive season. He was one of the most sought-after role players in the NBA and was owed less than $10.0 million in 2024-25. The Thunder were on the brink of a true breakout and were only a couple of pieces away from emerging as a championship-caliber team. They knew Caruso could help them reach the mountain top now and in the future.

As for Josh Giddey, he was coming off the worst season of his NBA life. He averaged career lows in points, rebounds, and assists. The concerns people had about his ability to play off-ball were proving true, as he even found himself benched during the Western Conference semi-finals against the Dallas Mavericks. Not only did former Dallas head coach Jason Kidd attack him on the defensive end, but he also left him wide open behind the arc. It was ugly.

On top of that, Giddey was now one summer away from restricted free agency. He would need a new paycheck sooner rather than later. In most circumstances, this only hurts a player's value more on the open market. Now, Caruso was also up for a payday after the 2024-25 season, but figuring out those dollar signs would be a whole lot easier thanks to his far more established play.

So ... how the heck did the Bulls not walk away with more in their pocket? They held all the cards. Caruso's stock was up. Giddey's stock was down. Giddey even admitted that the Thunder planned to make him a bench player in 2025-26 had he stuck around. In other words, they didn't see him as the same asset that the Bulls did. You have to capitalize on that.

And don't even get me started on the picks! No team in the NBA had more draft capital in its safe than the Thunder. To say they have more picks than they know what to do with wouldn't be an understatement. Still, Arturas Karnisovas couldn't even manage to snag a second.

Do I sound like an old man yelling at the sky? Perhaps, specifically now that the previous regime has been kicked to the curb. But these are the exact kind of moves that can have real ripple effects. Exactly how important Giddey is to the Bulls' future is now up in the air. Meanwhile, Caruso is showing just how important he is to the Thunder every night of the Western Conference Finals. Let's hope it serves as an important lesson to the new lead executive about maximizing the trade market. If it doesn't, we could be in for another long tenure.

Sign up to our free newsletter and follow us on X and Facebook for the latest news

Add us as a preferred source on Google