Jalen Suggs and the Orlando Magic have agreed to a five-year, $150.5 million extension to his rookie contract, ESPN's Shams Charania reports.

Suggs, 23, is approaching his fourth NBA season. He was a second-team All-Defensive Team selection last season. Suggs signed a four-year, $30 million contract as a rookie in 2021.

The Magic selected Suggs with the No. 5 pick in the 2021 NBA Draft after his standout freshman season at Gonzaga that included a trip to the national championship game. In three NBA seasons, Suggs has averaged 11.5 points, 3.2 rebounds, 3.2 assists and 1.3 steals per game while shooting 42.2% from the field and 33.3% from 3-point distance. He improved his field goal rate to 47.1% and his 3-point rate to 39.7% last season.

Suggs, a 6-foot-5 point guard, is a key member of a young Magic core that also features Paolo Banchero, Franz Wagner and Cole Anthony, all of whom are 24 years old or younger. The Magic made the playoffs last season as a No. 5 seed for the first time since 2020.

Suggs joins his teammate Franz Wagner, Alperen Şengün (Rockets), Jalen Green (Rockets), Cade Cunningham (Pistons), Evan Mobley (Cavaliers), Scottie Barnes (Raptors), Moses Moody (Warriors), Trey Murphy III (Pelicans), Corey Kispert (Wizards) and Jalen Johnson (Hawks) in having agreed to extensions from the rookie class of 2021 ahead of Monday's deadline.