Sources – Magic extend Jalen Suggs to 5 years, $150.5 million

Orlando Magic guard Jalen Suggs has agreed to a five-year, $150.5 million extension to his rookie contract with the franchise, sources tell ESPN.

Magic officials negotiated the new contract with Suggs' representative, Darren Matsubara of Wasserman, and held a series of meetings in Orlando to finalize terms before the extension deadline at 6 p.m. ET on Monday.

Orlando announced the extension Monday afternoon but did not disclose terms.

The 22-year-old Suggs had a breakout year in his third year, helping Orlando finish third in defensive efficiency last season. He was only the third Magic player to make an NBA All-Defensive team, joining Dwight Howard and Horace Grant.

An improving shooter, Suggs hit nearly 40% of his 3-pointers last season on an average of 5.1 attempts per game and posted 12.6 points and 1.4 steals in 27 minutes.

Suggs, drafted No. 5 in the 2021 draft, joins Franz Wagner as members of this class tied to long-term contracts with the Magic. Wagner signed a five-year, $224 million contract extension earlier this summer.