The Orlando Magic have locked up one of their young core players for the foreseeable future by reportedly agreeing to a five-year, $224 million extension with forward Franz Wagner.

ESPN reports Wagner's new deal, which will begin during the 2025-26 season and runs through 2029-30, could be worth up to $269 million should he make an All-NBA team.

Wagner, the eighth overall pick of the 2021 draft, has been a mainstay in the Magic's starting lineup since his rookie season while quickly developing into a cornerstone two-way player. The 22-year-old has averaged 17.8 points, 4.6 rebounds, 3.4 assists and 0.96 steals while starting all 231 of his career games.

The native German set career highs in points (19.7), rebounds (5.3) and assists (3.7) per game this past season.

Wagner's emergence and the play of 2022 No. 1 overall pick Paolo Banchero were major factors towards the Magic winning 47 games in 2023-24, the franchise's highest win total in a season since 2010-11, and returning to the play-offs following a three-year absence.

The former University of Michigan star's new max contract comes just days after the Magic re-signed his older brother, Moritz, to a reported two-year, $22 million deal.

He's also the first Magic player to receive a maximum extension on his rookie contract since Dwight Howard in 2007, though Banchero is expected to join that group when he becomes eligible next summer.

Wagner's extension continues what has been a busy free agent period for Orlando. The Magic previously pried coveted veteran guard Kentavious Caldwell-Pope from the Denver Nuggets on a three-year, $66 million deal and gave forward Jonathan Isaac a five-year, $84 million extension.