The draft will take place June 26 and fans can only enter the contest once, either through mail or the team's website.
If more than one fan picks the first 14 players selected, regardless of the team, the prize money will be split between the winners. If there is no winner, the team will give away two 2014-15 season tickets, valued at $6,200, to a random person who entered the contest.
Those who enter the contest must live within 75 miles of Orlando and must be 18 years or older. The deadline for entry in the contest is June 22 at 11:59 P.M.
The Magic have two lottery selections in this year's draft, the No. 4 and 12 picks.
Last month, the St. Louis Rams tried a similar stunt, offering $100,000 to any fan who could guess the team's schedule by venue, opponent and date. Of course, no one won that contest. GOLLIVER: 2014 NBA draft lottery: Winners, losers