Franz Wagner has agreed to a five-year, $224 million maximum rookie extension with the Orlando Magic, as confirmed by multiple sources on Friday. According to ESPN, the contract’s value could rise to $269 million since Wagner is eligible to earn 30% of the team’s salary cap if he is named to an All-NBA team.
During the Magic’s exit interviews in May, Jeff Weltman, the team’s president of basketball operations, emphasized that Wagner’s extension was a critical part of the franchise’s offseason plans. Wagner, who was the 8th overall pick in the 2021 draft, had already seen his third- and fourth-year team options exercised by Orlando. This summer, he was eligible for a rookie-scale extension, along with guard Jalen Suggs, who was picked three spots earlier. Though the extension was agreed upon on Friday, rookie-scale extensions can only be officially signed from 12:01 p.m. on the last day of the free-agency moratorium period (Saturday) until 6 p.m. the day before the regular season begins (late October).
Securing Wagner’s future was a priority for the Magic. He has been a cornerstone for coach Jamahl Mosley’s team, which won only 22 games during Wagner’s rookie year but has since seen significant improvement. The Magic increased their win total to 34 before making the playoffs as the 5th seed with 47 wins, the franchise’s highest total since 2011. The German forward posted career highs in points (19.7), rebounds (5.3), assists (3.7), and steals (1.1) despite playing only 72 regular-season games, the fewest of his career.
Wagner is now one of only six players in NBA history to achieve over 4,000 points, 1,000 rebounds, and 700 assists within their first three seasons while being 22 years old or younger. He joins an elite group that includes LeBron James, Luka Doncic, Anthony Edwards, Russell Westbrook, and Chris Paul.
