A financial deadline is looming for the Orlando Magic and starting guard Jalen Suggs.

Heading into his fourth NBA season, the former Gonzaga product and Magic’s No. 5 overall pick in the 2021 NBA Draft could be eligible for a rookie-level contract extension before the start of the NBA season. If the two sides reach an agreement, Suggs’ contract would kick in after the upcoming 2024-25 season, and the Magic would avoid going into restricted free agency with the two-way point guard who has become an elite defender and a key piece of the Magic’s young core.

Orlando signed fellow draft pick Franz Wagner, the No. 8 pick in the same 2021 draft, to the maximum possible extension this summer. Wagner signed the dotted line on a new five-year, $224 million contract — one of five finalized extensions or retentions the Magic completed over the summer.

Aside from the need to fill the league’s final two two-way roster spots, finding the right number for Orlando and Suggs’ camp to agree on could be the final box to check before the regular season begins. With less than a month and a half to go until the deadline, the question is: What number do Suggs and Magic meet??

Suggs is represented by Darren Matsubara and Jason Ranne of Wasserman Basketball.

In a new episode of “The Lowe Post” ESPN senior NBA writer Zach Lowe and management insider Bobby Marks discussed several rookies entering their fourth NBA season looking for contract extensions. Suggs, one of the most prominent players in that class, was one of the players mentioned in the conversation.

“I would be surprised if it’s not done by the 21st,” Marks said. “I think the amount is coming down — maybe the $27 million to $28 million range is right for him.”

Orlando Magic guard Jalen Suggs celebrates during an NBA game against the Charlotte Hornets.

Orlando Magic guard Jalen Suggs (4) celebrates a three-pointer with fans against the Charlotte Hornets in the second quarter at KIA Center. / Jeremy Reper-Imagn Images

Lowe felt that “goodwill” and positive feedback about how Suggs and the Magic are developing could be a contributing factor in a deal falling apart. While it may not necessarily be a top-tier player, Lowe believes Orlando and Suggs could reach an agreement in the $30 million range that would satisfy both sides on a deal.

Suggs’ third NBA campaign has been his best yet, earning a second-team all-defensive honor while averaging 12.6 points, 3.1 rebounds, 2.7 assists and 1.4 steals on 47.1/39.7/75.6 shooting. If he develops further as a playmaker and offensive initiator to help take the stress off Paolo Banchero and Franz Wagner, who the Magic love to use as offensive engines in the early stages of their careers, he could be one of the Orlando’s biggest increases again in 2024-25.

As Marks mentioned, Orlando has a knack for signing diminishing contracts that keep the finances healthy and maintain some flexibility — a necessity in the era of the tax burden imposed by the current collective bargaining agreement. Four current Magic players have contracts that decline in value in the final years of the deal by varying amounts: Jonathan Isaac, Kentavious Caldwell-Pope, Wendell Carter Jr. and Goga Bitadze.

This freedom allows the Magic to preserve salary cap space for future deals, whether it’s using tradable contracts for a future trade or when they know a max contract extension is coming, such as Paolo Banchero after his upcoming third NBA season.

Magic president of basketball operations Jeff Weltman said in an interview with NBA Radio last July that Suggs’ contract extension was something Orlando hoped for “eventually.” The timeline is different for every player and every conversation, but the Magic would like to keep their young core together, Weltman said.

Signing Suggs could be important to avoiding restricted free agency next summer. In that case, an opposing team could offer a higher value than Orlando would feel comfortable matching, forcing them to make a tough decision about whether to accept him at the higher value or let him walk away for nothing. With controversy looming year after year, the Magic’s window would be severely tightened if a deal isn’t reached.

Until that becomes a more likely reality, the goal should be to meet at the right number this summer. Rewarding Suggs for his breakout season and keeping him on the team for years to come would be the support from management that would inspire confidence in a player’s trajectory and impact on a team.

Suggs showed he has both in abundance, answering the question of whether he would live up to his high-profile selection.

A new contract is the next answer that both parties should reach.

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