Magic Offseason Preview: Draft, Free Agency, Cap Space

The Orlando Magic are starting their offseason after losing to the Cleveland Cavaliers in Game 7 of the 2024 NBA Playoffs.

Jeremy Brener | May 8, 2024

May 5, 2024; Cleveland, Ohio, USA; Orlando Magic head coach Jamahl Mosley reacts during the second / Ken Blaze-USA TODAY Sports

ORLANDO — The Orlando Magic are home sooner than they had hoped after falling to the Cleveland Cavaliers in Game 7 of the 2024 NBA Playoffs on Sunday afternoon. But they have a bright future as they go into the offseason.

Here's a look at what they have to work with:

Draft Picks

The Magic hold the Nos. 18 & 47 overall picks in next month's draft. However, with seven draft picks on the roster since the beginning of the decade, there is reason to believe the team could look to trade one or both of their selections, especially considering how weak the class is as a whole.

Free Agents

Markelle Fultz, Gary Harris and Goga Bitadze are unrestricted free agents. Chuma Okeke, along with two-way players Admiral Schofield, Trevelin Queen and Kevon Harris are restricted free agents.

Moe Wagner ($8 million) and Joe Ingles ($11 million) have team options. The team has until June 29 to make a decision on those deals.

Contract Extensions

Franz Wagner and Jalen Suggs are eligible for their first long-term extensions after playing three years in the league. It's widely expected that both of them will sign long-term deals this offseason.

Jonathan Isaac is under a non-guaranteed deal that becomes fully guaranteed on Jan. 10, 2025.

Caleb Houstan and Wendell Carter Jr. are also eligible for extensions this offseason.

Cap Space

The Magic are projected to have about $19 million in cap space to operate under, giving them an opportunity to seek out some of the bigger free agents on the market, including Paul George and Klay Thompson.

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Published May 6, 2024|Modified May 8, 2024

JEREMY BRENER

Jeremy Brener is an editor, writer and social media manager for several Fan Nation websites. His work has also been featured in 247 Sports and SB Nation as a writer and podcaster. Brener has been with Fan Nation since 2021. Brener grew up in Houston, going to Astros, Rockets and Texans games as a kid. He moved to Orlando in 2016 to go to college and pursue a degree. He hosts "The Dream Take" podcast covering the Rockets, which has produced over 350 episodes since March 2020. Brener graduated in May 2020 from the University of Central Florida with a Bachelor's degree in Broadcast Journalism minoring in Sport Business Management. While at UCF, Brener worked for the school's newspaper NSM.today and "Hitting the Field," a student-run sports talk show and network. He was the executive producer for "Hitting the Field" from 2019-20. During his professional career, Brener has covered a number of major sporting events including the Pro Bowl, March Madness and several NBA and NFL games. As a fan, Brener has been to the 2005 World Series, 2010 FIFA World Cup and the 2016 NCAA National Championship between the Villanova Wildcats and North Carolina Tar Heels. Now, Brener still resides in the Central Florida area and enjoys writing, watching TV, hanging out with friends and going to the gym. Brener can be followed on Twitter @JeremyBrener. For more inquiries, please email jeremybrenerchs@gmail.com.