Magic to Sign Franz Wagner to Five-Year Rookie Max Contract Extension, per Report

The Orlando Magic and forward Franz Wagner have agreed to a five-year, $224 million rookie maximum contract extension, according to ESPN's Adrian Wojnarowski.

Wagner's extension could become worth as much as $269 million if he is voted to an All-NBA team during the life of the deal.

The extension for Wagner is a reward for the role that he has played over the last three seasons as the Magic have reshaped themselves into a playoff team.

However, the extension for Wagner is also a bet that the franchise is taking on the three-year veteran to bounce back from a brutal stretch of shooting last season. Wagner, who was around a 36% shooter from three over his first two years in the league, plummeted to a 29% shooter from deep last season. Even with the poor shooting from deep, which has been an integral part of the 22-year-old's game, he still averaged a career-high 19.7 points per game to go along with 5.3 rebounds and 3.7 assists, which were also both career-bests.

The extension for Wagner secures him as a key piece of Orlando's core for years to come alongside point guard Jalen Suggs and wing Paolo Banchero. Wagner will also continue playing alongside his brother Moe, who signed a two-year deal to remain in Orlando earlier this week.