Magic, Suggs agree to 5-year extension worth average of $30 million annually, AP source says

MIAMI — Jalen Suggs has signed a five-year contract extension with the Orlando Magic worth an average of about $30 million per season, a person with knowledge of the terms told The Associated Press on Monday.

The team announced the signing but did not disclose terms. ESPN first reported the signing.

It is another step the Magic are making toward locking up their young core on long-term deals. They signed Franz Wagner over the summer to a five-year extension worth at least $224 million — the biggest contract in team history for now. It will almost certainly be topped next summer when 2023 NBA rookie of the year Paolo Banchero is extension eligible.

Suggs' extension, like Wagner's, kicks in with the 2025-26 season. He is coming off a breakout year for the Southeast Division champions, averaging 12.6 points and shooting nearly 40% from 3-point range last season — on his way to earning a second-team All-Defense selection, finishing eighth in Most Improved Player balloting and tied for 10th in defensive player of the year voting.

“I want to be here,” Suggs said as the Magic opened training camp three weeks ago. “I don’t want to be anywhere else.”

The Magic had until Monday evening to get the rookie-scale extension with Suggs completed. Magic president of basketball operations Jeff Weltman had made clear on multiple occasions that getting a deal done with Suggs was a priority, saying “he's a big part of what we're doing. Everybody knows that.”

Orlando, which went to the playoffs as a No. 5 seed in the Eastern Conference last season, opens this season Wednesday at Miami.