Sources – Magic, Franz Wagner agree to $224 million rookie contract extension

Orlando Magic forward Franz Wagner has agreed to a five-year contract extension worth $224 million — a deal that could be worth as much as $269 million, sources told ESPN Friday.

Wagner is eligible to earn 30 percent of the team’s salary cap if he is named to an All-NBA team, sources said. Wagner’s agent, Jason Glushon, completed work on the deal over the July 4 holiday, sources said.

Wagner was a cornerstone of the 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 and posted a 47-35 record, the franchise’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 out of Michigan in 2021, had seven 30-point games last season and ranked in the top 10 in layups and dunks made, according to Second Spectrum.

Wagner, whose brother Moe 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.