Franz Wagner agrees to record-setting $224 million Magic extension

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

Since being made the No. 8 overall pick in the 2021 NBA Draft, the combo forward has developed into a franchise cornerstone in Orlando for a team that surprisingly earned the No. 5 seed in the Eastern Conference last season.

Wagner, a University of Michigan alum who will turn 23 in August, agreed to a $224 million extension from his Magic squad, which could be worth up to $269 million with incentives, according to ESPN’s Adrian Wojnarowski.

Franz Wagner averaged a career-high 19.7 points per game last season. Getty Images

The deal is believed to be the largest in franchise history and would kick in for the 2025-26 season.

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

Wagner averaged a career-best raw numbers across the board this past season.

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

Wagner also shot an efficient 48.2 percent from the field, though he only hit 28.1 percent from three-point range on 4.6 attempts per contest, by far the worst showing of his career from downtown.

Franz Wagner and Paolo Banchero are seen as the Orlando Magic’s franchise cornerstones. NBAE via Getty Images

Despite his regression from deep, Wagner is viewed as the Magic’s second-best player behind All-Star Paolo Banchero.

The team will look to build off their 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 suit up for Germany at the Paris Olympics this summer.

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