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.

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.

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.