Franz Wagner and Magic agree to a 5-year contract extension worth up to $269 million

The Orlando Magic and small forward Franz Wagner have agreed to a five-year contract worth a maximum of $224 million. Contract extension, according to Adrian Wojnarowski of ESPN.

The value of the deal could be as high as $269 million, Wojnarowski added.

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

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

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

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

He reached his career high with an average of 19.7 points, 5.3 rebounds, 3.7 assists and 1.1 steals in 72 Games in the 2023–24 regular season.

Along with power forward Paolo Banchero and guard Jalen Suggs, Wagner formed a central part of the starting lineup as the Magic qualified for the playoffs for the first time since 2020.

The forward capped the season by scoring his career-high 38 points in a game in a win over the Detroit Pistons on February 4.

He later collected 34 points and 13 rebounds in the fourth game of the first round, helping the Magic even the series at 2-2.

When shooting over 48.0 Percent from the field for the second consecutive season, Wagner developed into a perimeter defender while showing good chemistry with center Wendell Carter Jr.

Orlando has now secured both frontcourt leaders for the near future. Carter is under contract with the Magic until 2025-26.