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Wagner is eligible to earn 30% of the team's salary cap should he get voted to an All-NBA team, sources said. Wagner's agent Jason Glushon completed work on the deal over the July 4 holiday, sources said.
Wagner has been a cornerstone of the Magic's revival, averaging 19.7 points, 5.3 rebounds and 3.7 assists per game last season as Orlando returned to the Eastern Conference playoffs and went 47-35, the franchise's best record since 2010-11.
He has had a historic start to his Magic career, joining Shaquille O'Neal, Dwight Howard and Tracy McGrady in scoring at least 4,000 points before his 23rd birthday.
Wagner, the No. 8 pick in 2021 out of Michigan, had seven 30-point games last season and ranked in the top 10 of made layups and dunks, according to Second Spectrum.
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