Orlando Magic, Jalen Suggs Agree to 5-Year, $150.5 Million Contract Extension

The Orlando Magic and fourth-year guard Jalen Suggs have agreed to a five-year, $150.5-million rookie contract extension, per a report from ESPN's Shams Charania.

Orlando Magic guard Jalen Suggs (4) reacts after the Magic scores during the second quarter against the Cleveland Cavaliers at Amway Center. / Mike Watters-Imagn Images

ORLANDO – The Orlando Magic and fourth-year guard Jalen Suggs have agreed to a five-year, $150.5 million contract extension, according to a report from ESPN's Shams Charania on Monday.

A league source confirmed news of the signing to Orlando Magic on SI.

The deal ensures that Suggs, a crucial third part of the Magic's young core alongside Franz Wagner and Paolo Banchero, is in Orlando for the long term.

Suggs' camp and the Magic had until 6 p.m. ET Monday to agree on a deal. Had the two sides not come to a solution, he would have become a restricted free agent next summer, allowing teams to court Suggs with offer sheets that Orlando could match, provided they made him a qualifying offer.

According to further reporting from Charania, Magic officials negotiated the deal with Suggs' representative Darren Matsubara of Wasserman, meeting throughout the day on Monday to finalize the terms of the deal. NBA insider Jake Fischer reports that the deal is fully guaranteed.

With the latest contract extension in place, the Magic now have made long-term investments in Suggs, Franz Wagner, Jonathan Isaac, and Wendell Carter Jr. this offseason alone.

"This place raised me," Suggs said before training camp. "They've been part of my growth as a human being (at) a pivotal point in my life – not my career. In my life. Coming in here as a 19, going on 20-year-old young man, this place has seen all my ups and downs, has experienced all that I have. This is where I have lived, where my family has called home for the past four years.

"For as long as I'll be here, this place has my whole heart. I just can't wait to continue to come out here on the court and show how appreciative and grateful I am for this place and everything they've done for me through my play and everything I do."

Orlando Magic guard Jalen Suggs (4) dribbles against the New Orleans Pelicans at Smoothie King Center. / Matthew Hinton-Imagn Images

Suggs, a former Gonzaga Bulldog, was drafted No. 5 overall by the Magic in the 2021 NBA Draft. Since entering the league, he's played in 176 games, averaging 11.5 points, 3.2 rebounds and 3.2 assists on 42.2 percent shooting from the field.

But his 2023-24 campaign was by far his best. After dealing with a high volume of injuries during his first two seasons, Suggs took advantage of a healthy offseason heading into last season and made the most of it. He played in and started 75 regular-season games, a boost from 48 and 53 appearances in the two seasons prior, and played more than 700 minutes over his previous career high for a single season.

He saw improvement across the board, posting personal high marks in points per game (12.6), FG% (47.1), 3PT% (39.7), eFG% (57.8%) and steals per game (1.4). As Orlando's point-of-attack defensive pest, he helped spearhead the young Magic to the NBA's third-best defensive rating en route to an All-Defensive Second Team nod for himself.

Considering all areas he made strides forward, Suggs received voter consideration for both Defensive Player of the Year and Most Improved Player during Orlando's breakthrough season.

Orlando Magic guard Jalen Suggs (4) celebrates a play against the Toronto Raptors during the second half at Scotiabank Arena. / John E. Sokolowski-Imagn Images

With this deal, Orlando continues its trend of being aggressive with rookie contract extensions. Earlier this offseason, Wagner, his draft classmate in 2021, received a five-year, $224-million max contract extension earlier this summer, which will kick in during the 2025-26 season along with Suggs' new deal.

Since the 2020 league offseason, teammates Jonathan Isaac, Wendell Carter Jr., Cole Anthony and now-former teammate Markelle Fultz received extensions on top of their rookie deals, and both Isaac and Carter Jr. have re-upped with the franchise for a second time.

With Banchero next in line next summer for an extension of his own, which would almost certainly be a max-level deal barring any unforeseen hurdles arising, the Magic are another step closer to securing longevity for its youthful core that has brought a new chapter of success to Orlando basketball.

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