Franz Wagner has agreed to the largest contract in Orlando Magic history, a five-year extension that will be worth at least $224 million, a person with knowledge of the negotiations told The Associated Press on Friday, July 5.

The contract value could reach $270 million if he becomes supermax eligible, said the person who spoke on condition of anonymity because the agreement cannot yet be announced.

The NBA’s offseason moratorium on such moves gets lifted Saturday.

Wagner has averaged 17.8 points in his three seasons with the Magic. He averaged 15.2 points as a rookie before climbing to 18.6 and 19.7 over the last two seasons, respectively.

The 22-year-old forward who helped Germany win the World Cup last summer and is slated to play at the Paris Olympics starting later this month has teamed with Paolo Banchero to give the Magic one of the league’s top young frontcourts.

Wagner, who played at Michigan, has started all 231 of his appearances with the Magic, a team coming off a Southeast Division title and the franchise’s first playoff berth in four years. Orlando pushed Cleveland to a seven-game series before losing in the first round.

Wagner’s extension begins with the 2025-26 season.