NBA Rumors: Franz Wagner, Magic Agree to 5-Year Contract Extension Worth Up to $269M

The Orlando Magic and small forward Franz Wagner have agreed to a 5-year, $224 million maximum contract extension, according to ESPN's Adrian Wojnarowski.

The deal could become worth as much as $269 million, Wojnarowski added.

Wagner was previously scheduled to play the 2024-25 season on a $7 million club option before becoming a restricted free agent in 2025, per Spotrac.

The Magic wing secured the raise with a strong performance through seven playoff games in the first postseason appearance of his career.

Wagner averaged 18.9 points, 6.9 rebounds and 1.3 blocks as he contributed on both offense and defense during the Magic's first-round loss to the Cleveland Cavaliers.

The 23-year-old has made 231 regular-season appearances, all starts, in three seasons since the Magic selected him with the No. 8 pick of the 2021 NBA Draft.

He averaged a career-high 19.7 points, 5.3 rebounds, 3.7 assists and 1.1 steals through 72 games in the 2023-24 regular season.

Alongside power forward Paolo Banchero and guard Jalen Suggs, Wagner served as a core part of the starting rotation as the Magic qualified for the playoffs for the first time since 2020.

The forward highlighted the campaign by matching his career-high with 38 points during a Feb. 4 win over the Detroit Pistons.

He later racked up 34 points and 13 rebounds in Game 4 of the first round to help the Magic even the series at two games apiece.

While shooting over 48.0 percent from the field for the second straight season, Wagner developed as a perimeter defender while demonstrating chemistry with center Wendell Carter Jr.

Orlando has now locked in both frontcourt leaders for the near future. Carter is signed with the Magic through 2025-26.