Report: Orlando Magic, Franz Wagner agree to five-year extension worth up to $270 million

The Orlando Magic just locked down a big piece of their young core for the foreseeable future, inking Franz Wagner to an enormous five-year extension.

NBA insider Shams Charania reported news of the deal on Friday afternoon. He tweeted out:

“BREAKING: Orlando Magic forward Franz Wagner has agreed on a five-year maximum rookie contract extension worth up to $270 million, league sources tell @TheAthletic @Stadium. Wagner, 22, has cemented himself as a cornerstone for the Magic.”

ESPN insider Bobby Marks provided the actual details of the extension in another tweet, laying out what Wagner’s salary will be throughout the deal, which starts after his rookie contract ends in 2025. Here was that breakdown:

2025/26- $38.66M
2026/27- $41.75M
2027/28- $44.84M
2028/29-$47.94M
2029/30- $51.03M

So, while the deal can be worth up to nearly $270 million, the actual five years as part of the new contract total up to $224 million. According to yet another NBA insider from ESPN, Adrian Wojnarowski, Wagner can earn even more if he’s able to make an All-NBA team.

“Wagner is eligible to earn 30 percent of the team’s salary cap should he get voted to the All-NBA team, sources said,” tweeted Woj.

So far as a pro, Wagner has played three productive seasons. He averaged 15 points per game as a rookie, then 18 in 2023, and in 2024, he put up 19.7 points per game while helping lead the Magic back to the NBA Playoffs. Clearly, Magic leadership liked what they saw in him as a big part of a solid team, and have locked him down long-term.

Wagner was selected by the Magic in the NBA Draft after attending Michigan, just like his older brother, Wolverine legend Mo Wagner, who led the team to the 2018 national title game, finishing runner-up to Villanova.

Meanwhile, Franz Wagner came to UM after his brother had left, but it didn’t take him long to emerge in Juwan Howard’s program. Through just two seasons in Ann Arbor, the younger Wagner averaged 12 points per game on the nose and flashed as the type of lanky two-way wing that NBA teams have began to covet.

Wagner’s play in college ultimately led to him being selected eighth overall in the 2021 NBA Draft, one year before his current running mate, Paolo Banchero was selected. And if Wagner is getting 270+ million, just imagine what a superstar like Banchero will fetch next summer when he’s extension-eligible.