Jalen Suggs has signed a five-year contract extension with the Orlando Magic worth around $30 million each year, according to someone familiar with the agreement who spoke to The Associated Press on Monday.
The team announced the signing but did not share specific details. ESPN was the first to report this news.
This is another move by the Magic to secure their young players with long-term contracts. They signed Franz Wagner over the summer to a five-year extension valued at at least $224 million, which is currently the largest contract in team history.
This record will likely be broken next summer when 2023 NBA rookie of the year Paolo Banchero is eligible for an extension.
Suggs’ extension, like Wagner’s, will start in the 2025-26 season.
He had a strong season last year, averaging 12.6 points and shooting nearly 40% from 3-point range. He earned a second-team All-Defense selection, finished eighth in the Most Improved Player voting, and tied for 10th in the Defensive Player of the Year voting.
“I want to be here,” Suggs said as the Magic began training camp three weeks ago. “I don’t want to be anywhere else.”
The Magic had until Monday evening to finalize Suggs’ rookie-scale extension. Magic president of basketball operations Jeff Weltman had stated several times that reaching a deal with Suggs was a priority, emphasizing that “he’s a big part of what we’re doing. Everybody knows that.”
Orlando, which made the playoffs as a No. 5 seed in the Eastern Conference last season, will start this season on Wednesday against Miami.
