Magic to Sign Franz Wagner to Five-Year Rookie Max Contract Extension, per Report

Mike McDaniel | Jul 5, 2024

May 3, 2024; Orlando, Florida, USA; Orlando Magic forward Franz Wagner (22) shoots the ball against the Cleveland Cavaliers during the second quarter of game six of the first round for the 2024 NBA playoffs at Kia Center. Mandatory Credit: Mike Watters-USA TODAY Sports / Mike Watters-USA TODAY Sports

The Orlando Magic and forward Franz Wagner have agreed to a five-year, $224 million rookie maximum contract extension, according to ESPN's Adrian Wojnarowski.

Wagner's extension could become worth as much as $269 million if he is voted to an All-NBA team during the life of the deal.

The extension for Wagner is a reward for the role that he has played over the last three seasons as the Magic have reshaped themselves into a playoff team.

However, the extension for Wagner is also a bet that the franchise is taking on the three-year veteran to bounce back from a brutal stretch of shooting last season. Wagner, who was around a 36% shooter from three over his first two years in the league, plummeted to a 29% shooter from deep last season. Even with the poor shooting from deep, which has been an integral part of the 22-year-old's game, he still averaged a career-high 19.7 points per game to go along with 5.3 rebounds and 3.7 assists, which were also both career-bests.

The extension for Wagner secures him as a key piece of Orlando's core for years to come alongside point guard Jalen Suggs and wing Paolo Banchero. Wagner will also continue playing alongside his brother Moe, who signed a two-year deal to remain in Orlando earlier this week.