Franz Wagner agrees to $224 million contract extension with Magic

Franz Wagner is the latest beneficiary of the NBA’s continued salary hike.

Since being selected with the eighth overall pick in the 2021 NBA Draft, the combo forward has become a franchise cornerstone in Orlando for a team that surprisingly finished fifth in the Eastern Conference last season.

Wagner, a University of Michigan alumnus who turns 23 in August, has agreed to a $224 million contract extension from his Magic team that could be worth as much as $269 million with incentives, according to ESPN’s Adrian Wojnarowski.

The deal would be the largest in franchise history and would run through the 2025-26 season.

The report also notes that Wagner’s incentives include the eligibility to earn 30 percent of the Magic’s salary cap if he is named to an All-NBA team, which is common in the league regarding big contracts.

Wagner averaged the best raw stats of his career last season.

The 6-foot-10 German averaged 19.7 points, 5.3 rebounds and 3.7 assists per game in 2023-24, all career highs.

Wagner also shot 48.2 percent from three-point range, although he shot just 28.1 percent from three on 4.6 attempts per game, by far the worst three-point shooting of his career.

Despite his decline, Wagner is considered the Magic’s second-best player behind All-Star Paolo Banchero.

The team will look to build on its 47-35 campaign, which ended in the first round of the playoffs after pushing the No. 4 seed Cleveland Cavaliers to seven games.

The former Michigan star will represent Germany at the Paris Olympics this summer.