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Magic Cap Space Update: How Much Can Orlando Spend in Free Agency?

The Magic have money to spend.

ORLANDO - With the draft officially in the rearview mirror, the Orlando Magic can begin to gear up for free agency.

While free agency doesn't technically begin until early July, the NBA moratorium period kicks off Thursday at 6 p.m. and free agents can begin agreeing to deals with teams.

The Magic head into free agency with 10 players under contract next season. Power forward Jonathan Isaac, point guard Markelle Fultz, center Wendell Carter Jr. and wing Terrence Ross are the only players guaranteed to make more than $10 million. Together, the quartet make just under $60 million, leaving the team with a lot of wiggle room to work with.

Jalen Suggs, Franz Wagner, Cole Anthony, Chuma Okeke and RJ Hampton are all still working on their rookie deals. Together, the five young players make a combined $21.6 million.

This gives the team $27.52 million in cap space to work with, which ranks second in the league behind the Detroit Pistons.

Part of that $27.52 million will go into signing rookies Paolo Banchero and Caleb Houstan, but the team will have a considerable amount of money to work with still.

A big portion of that money will go into re-signing Mo Bamba or finding his replacement. The former No. 6 overall pick is set to make his first big NBA payday this summer, and as a restricted free agent, the Magic will have an opportunity to match any offer another team could make him.

With the bags of money the Magic have up its sleeves this summer, Orlando could be aggressive and sign players like Deandre Ayton or Miles Bridges, but with several young players already given a considerable investment, the Magic are likely to have another quiet offseason.

The team could make big jumps in free agency, but a team not ready to contend like Orlando could be a really hard sell for this summer's batch of free agents.