3 Of the biggest contracts handed out in Magic history 

1. Franz Wagner: five years, $224 million 

Only three players from the 2021 NBA Draft class have signed significant extensions so far: Scottie Barnes, Cade Cunningham, and Franz Wagner. All three inked max extensions. 

Wagner agreed to a new five-year, $224 million deal that could go up to about $270 million if he made an All-NBA team in the 2024-25 season. While that is not very likely—the competition for All-NBA is incredibly strong—this is still the biggest contract handed out in Magic history so far. It won't be for much longer, however. Paolo Banchero is eligible to sign an extension next year and should find himself with an even bigger deal. 

The max extension for Wagner came as a surprise to some, as he is not the team's best player and struggled mightily with his shot last season, especially in Game 7 of the Magic's first-round playoff series. Bobby Marks, for example, predicted that Wagner would sign somewhere in the $25-26 million per year range. 

Giving out such a big contract has its risks, as it could limit the Magic financially in the future, but it also has its perks. It will likely keep Wagner happy and around for years, while the increasing salary cap will make the deal look less costly with every year.