ORLANDO – The Orlando Magic and fourth-year guard Jalen Suggs have agreed to a five-year, $150.5 million contract extension, according to a report from ESPN's Shams Charania on Monday.

A league source confirmed the news of the signing with the Orlando Magic on SI.

The deal ensures that Suggs, a crucial third part of the Magic's young core alongside Franz Wagner and Paolo Banchero, will remain in Orlando long-term.

Suggs' camp and the Magic had until Monday at 6 p.m. ET to agree on a deal. Had the two teams failed to find a solution, he would have become a restricted free agent next summer, which would have allowed teams to court Suggs with offer sheets that Orlando could match, provided they made him a qualifying offer.

According to further reports from Charania, Magic officials negotiated the deal with Suggs' representative, Darren Matsubara of Wasserman, and met throughout the day Monday to finalize the terms of the deal. NBA insider Jake Fischer reports that the deal is fully guaranteed.

With the recent contract extension, the Magic have now made long-term investments in Suggs, Franz Wagner, Jonathan Isaac and Wendell Carter Jr. this offseason alone.

“This place raised me,” Suggs said before training camp. “They were part of my development as a human being (at a crucial point in my life – not in my career. In my life). Coming here as a 19-year-old, going to this place as a 20-year-old young man, I have all my highs and depths and experienced everything that I have experienced. I live here, where my family has been at home for four years.

“As long as I'm here, this place is close to my heart. I can't wait to continue to get on the court here and show how grateful and appreciative I am for this place and everything they've done for me through my play and everything I do.

Suggs, a former Gonzaga Bulldog, was drafted No. 5 overall by the Magic in the 2021 NBA Draft. Since entering the league, he has played in 176 games and averaged 11.5 points, 3.2 rebounds and 3.2 assists while shooting 42.2 percent from the field.

But his 2023-24 season was by far his best. After battling numerous injuries in his first two seasons, Suggs took advantage of a healthy offseason early last season and made the most of it. He played and started 75 regular-season games, an increase from 48 and 53 appearances in the previous two seasons, respectively, and played more than 700 minutes more in a single season than his previous career high.

He showed overall improvement, posting personal bests in points per game (12.6), FG% (47.1), 3PT% (39.7), eFG% (57.8%) and steals per game (1. 4). As Orlando's point-of-attack defensive pest, he helped the young Magic post the NBA's third-best defensive rating and earn All-Defensive Second Team honors.

Taking into account all the areas in which he made progress, Suggs was named both Defensive Player of the Year and Most Improved Player by voters during Orlando's breakout season.

With this deal, Orlando continues its trend of being aggressive with contract extensions for rookies. Earlier this offseason, Wagner, his 2021 draft classmate, received a five-year contract extension earlier this summer with a maximum value of $224 million that will take effect along with Suggs' new contract through the 2025-26 season.

Since the league's 2020 offseason, teammates Jonathan Isaac, Wendell Carter Jr., Cole Anthony and now-former teammate Markelle Fultz received extensions on top of their rookie contracts, and both Isaac and Carter Jr. are back with the franchise for a second got in time.

With Banchero next in line for a contract extension next summer, which would almost certainly be a top deal barring any unforeseen hurdles, the Magic are another step closer to securing the longevity of their youthful core that has turned a new leaf Success for Orlando Basketball.

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