Cole Anthony, Magic Agree to 3-Year, $39M Contract Extension Ahead of 2023-24 Season

The Orlando Magic agreed to a three-year, $39 million deal with the Orlando Magic, according to ESPN's Adrian Wojnarowski.

Anthony is entering his fourth season with Orlando, which selected him 15th overall in the 2020 NBA draft. Through three years, he has averaged 14.2 points and 4.6 assists and shot 41.1 percent from the field.

The 6'2" playmaker was eligible to become a restricted free agent in 2024, and he joins the growing number of players from the 2020 draft class who have taken the sure thing rather than hit the open market.

Not only does Anthony's extension solidify his long-term future in Orlando, but it also might make clear where he fits in the rotation. He started just four games in 2022-23, and his $13 million average annual salary matches what other backup point guards have gotten recently.

Tyus Jones got a two-year $29 million from the Memphis Grizzlies in 2022. Gabe Vincent got $33 million over three years from the Los Angeles Lakers earlier in the summer. Payton Pritchard (four years, $30 million) and Coby White (three years, $36 million) recently secured similar payouts.

Anthony may have found his ideal role as a sixth man/impact sub. While his 25.9 minutes per game last season were his lowest ever, he had his best shooting year (45.4 percent overall and 36.4 percent on threes) without sacrificing much in terms of production. His 18.1 points and 5.5 assists per 36 minutes were both in line with his career averages, according to Basketball Reference.

By committing to Anthony, the Magic will generate a little more intrigue as it relates to the backcourt.

Absent an extension, Markelle Fultz will become an unrestricted free agent in 2024. The ship hasn't sailed on Jalen Suggs yet, but he hasn't performed like a top-five pick through his first two years. And Orlando just used another top-10 selection on a guard, Anthony Black, who figures to be an important piece moving forward. Jett Howard is another 2023 first-rounder who will likely soak up some minutes in the backcourt.

If Anthony isn't the odd man out, then who will be eventually?