MIAMI — Jalen Suggs has finalized a five-year contract extension with the Orlando Magic, with reports indicating the deal averages around $30 million annually, according to a source familiar with the agreement.

Although the team confirmed the extension, specific financial details were not revealed. The news of the signing was initially reported by ESPN.

This development is part of the Magic’s broader strategy to secure long-term contracts for their young players. Recently, they also locked in Franz Wagner with a five-year deal that is set to total a minimum of $224 million, marking the largest contract in the franchise’s history for the time being. It is anticipated that this record will likely be surpassed next summer when last year’s NBA rookie of the year, Paolo Banchero, becomes eligible for an extension.

Suggs’ new contract, similar to Wagner’s, will commence at the beginning of the 2025-26 season. He is coming off a significant season with the Southeast Division champions, where he averaged 12.6 points per game while achieving nearly 40% accuracy from beyond the arc. His performance earned him a place on the second team for All-Defense recognition, and he finished eighth in the voting for Most Improved Player and tied for tenth in Defensive Player of the Year considerations.

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

The deadline for completing the rookie-scale extension with Suggs was set for Monday evening, and the Magic’s president of basketball operations, Jeff Weltman, had emphasized on several occasions that reaching an agreement with Suggs was a critical goal, stating, “he’s a big part of what we’re doing. Everybody knows that.”

Coming off a playoff appearance as the No. 5 seed in the Eastern Conference last season, the Magic are set to kick off this year’s campaign against the Miami Heat on Wednesday.