Franz Wagner Agrees To 5-Year, USD 224 Million Max Rookie Contract Extension With Magic: Report

Orlando Magic forward Franz Wagner has signed a max rookie contract extension with the Magic for five years and $224 million. The contract has the potential to be worth up to $269 million, according to reports.

By Natasha Bose

Published on Jul 06, 2024 | 04:01 PM IST | 69K

Franz Wagner Agrees To 5-Year, USD 224 Million Max Rookie Contract Extension With Magic

In this Article

Franz Wagner's contract could hit $269 million
Comparing Franz Wagner's and Scottie Barnes' contracts

Franz Wagner is the latest player to benefit from the NBA's ongoing salary boom.

Since being drafted as the No. 8 overall pick in 2021, the versatile forward has become a key player for the Orlando Magic, a team that surprisingly secured the No. 5 seed in the Eastern Conference last season.

Wagner, who went to the University of Michigan and will turn 23 in August, agreed to a $224 million extension with the Magic. According to ESPN’s Adrian Wojnarowski, this deal could go up to $269 million with incentives. This extension, the largest in the team's history, will start in the 2025-26 season.

Franz Wagner's contract could hit $269 million

As reported by ESPN, the contract could be worth as much as $269 million, since Wagner can earn 30% of the team's salary cap if he makes an All-NBA team. Before this, Wagner was set to play the 2024-25 season on a $7 million club option before becoming a restricted free agent in 2025, per Spotrac.

During the Magic’s exit interviews in May, team president Jeff Weltman called Wagner’s extension a “huge component” of their summer plans.

Wagner, who was picked 8th in the 2021 draft, already had his third- and fourth-year team options picked up by Orlando. This summer, he was eligible for a rookie-scale extension, just like guard Jalen Suggs, who got selected three picks before him.

Though the extension was agreed on Friday, rookie-scale extensions can only be signed between 12:01 p.m. on the last day of the free agency moratorium period — Saturday — and 6 p.m. on the day before the first day of the regular season (late October).

There was no need to wait to secure Wagner’s future. He’s been a crucial part of a young Orlando team that won just 22 games in its rookie year but has been improving ever since.

The team jumped to 34 wins before making the playoffs this season as the No. 5 seed with 47 wins, their highest since 2011.

The German forward hit career highs in scoring (19.7 points), rebounding (5.3), assists (3.7), and steals (1.1) despite playing only 72 regular-season games. In his short NBA career, Wagner has scored 20-plus points 85 times (33 this season) and 30-plus points 11 times (seven this season).

He joined an elite group of players aged 22 or younger in league history to achieve 4,000-plus points, 1,000-plus rebounds, and 700-plus assists in their first three seasons. This group includes LeBron James, Luka Doncic, Anthony Edwards, Russell Westbrook, and Chris Paul.

Comparing Franz Wagner's and Scottie Barnes' contracts

Franz Wagner's contract resembles the extension Toronto Raptors forward Scottie Barnes agreed to last week. Barnes agreed to a deal without a player option for the fifth season, and it's assumed Wagner did the same.

Unlike Barnes, Wagner hasn't made an All-Star team yet. His 3-point percentage dropped from 36.1% in his second season to 28.1% in 2023–24, so a $51 million salary in 2029–30 (assuming he doesn't make All-NBA) might seem high. But if the Magic believe his shooting will improve, it’s not that much of a stretch.

While Wagner hasn't shown he's a traditional "max" player, the NBA's salary cap is expected to increase by 10% each year due to the new media-rights deal. Since his year-over-year raises are capped at 8% of his first-year salary in the extension, his contract will take up a smaller portion of the cap as time goes on.

On Tuesday, ESPN reported that Wagner's brother and teammate, Moe, had re-signed with the Magic on a two-year, $22 million deal. On Friday, Moe posted an old photo of Franz with a pacifier, along with the Instagram caption, "This guy is a NBA Max player… Insanity."