According to ESPN’s Shams Charania, the Orlando Magic are signing Moe Wagner to a one-year contract to keep him through next season.

Despite declining his team option, Orlando always had intentions of bringing him back to the team. The official details of the contract is a year worth $5 million.

The 28-year-old averaged 12.9 points and 4.9 rebounds per game last season, the best season of his career, before tearing his ACL right before Christmas.

He’ll be entering his sixth season with the Magic.

On Tuesday, Desmond Bane made his first media appearance as a member of the Orlando Magic. Overall, he was over the moon about being traded to the Magic and finally being able to be on a team that can compete.

While speaking to the media, Bane did admit he was nervous about where he was being traded to, until he heard it was Orlando.

“Before he told me where I was going, my heart sank, just because there’s 29 other teams outside of the Grizzlies that I could have ended up on,” Bane said. “Once he said Orlando, I was smiling through the phone. I wasn’t trying to be disrespectful like I was moving on from Memphis that fast, but I was genuinely excited about the new opportunity.”

Now that he’s apart of a building, success-driven organization, the 26-year-old is ready to win big.

“It’s time to win,” Bane said. “It’s pretty much as simple as that. If we do what we’re supposed to do … Not to say those picks weren’t valuable, but they would have fallen in place that, we’ve got a lot of young talent here already in the building, and we have a lot of talent at the top of the roster, so I think it’s a perfect for the organization to do what they did.”

The Magic now have a new “Big 3” of Paolo Banchero, Franz Wagner, and Bane. Plus, Bane fills their concern of not having a shooter.

According to ESPN’s Shams Charania, the Orlando Magic have traded Kentavious Caldwell-Pope, Cole Anthony, four first-round picks and a first-round pick swap to the Memphis Grizzlies for Desmond Bane.

The picks are the 16th overall pick, a 2026 first-round pick (Phoenix Suns), and Orlando’s 2028 and 2030 first-round pick. The pick swap is lightly protected, as it’s in 2029.

This trade is not expected to be completed until July 1st due to tax apron complications for the Magic.

One of the biggest needs for the Magic young core was a solid shooter who can open the floor for players like Paolo Banchero and Franz Wagner. Last offseason, they targeted Klay Thompson for these exact same reasons.

Memphis getting rid of Bane allows for them to become more flexible financially to be able to pay Santi Aldama and Jaren Jackson Jr.; two players they badly want to keep. Beyond their cap space concerns, this trade will give them nice backcourt depth for Ja Morant.