Orlando Magic forward Franz Wagner has agreed to a five-year, $224 million rookie contract extension — a deal that could be worth as much as $269 million, sources told ESPN on Friday.
Wagner is eligible to earn 30 percent of the team’s salary cap if he is named to the All-NBA team, sources said. Wagner’s agent Jason Glushon completed the deal over the Fourth of July holiday, the sources said.
Wagner was a cornerstone of the Orlando Magic’s renaissance, averaging 19.7 points, 5.3 rebounds and 3.7 assists per game last season as Orlando returned to the Eastern Conference playoffs with a 47-35 record, the team’s best record since 2010-11.
He had a historic start to his Magic career, joining Shaquille O’Neal, Dwight Howard and Tracy McGrady in scoring at least 4,000 points before his 23rd birthday, according to ESPN Stats & Information.
Wagner, the No. 8 overall pick in 2021 out of Michigan, had seven 30-point games last season and ranked 10th in made steals and dunks, according to Second Spectrum.
Wagner, whose brother Mo agreed to a new two-year, $22 million contract with Orlando on Tuesday, is considered the best player to come out of Germany since Hall of Famer Dirk Nowitzki.
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