The Orlando Magic are bringing back Mo Wagner in 2023 NBA Free agency. The Magic and Wagner have agreed to a two-year, $16 million contract, according to ESPN's Adrian Wojnarowski.

Mo Wagner's new contract with the Magic marks a significant pay raise for the center. Wagner just completed a two-year, $3.6 million deal with Orlando. The 26-year-old's salary is set to be more than twice what he made over the last two years.

Wagner has made $9.688 million since being drafted by the Los Angeles Lakers with the No. 25 overall pick in the 2018 NBA Draft.

In 57 games during the 2022-2023 NBA season, Wagner averaged 10.5 points, 4.5 rebounds and 1.5 assists. He started 18 games for the Magic, shooting 50% from the field and 31.3% from 3-point range.

Orlando has been relatively quiet at the start of free agency. The Magic signed veteran forward Joe Ingles to a two-year, $22 million contract. Close to 24 hours after free agents could officially start negotiating contracts, the Magic are one of only a handful of teams that have salary-cap space.

Orlando is hopeful that its young core of players, which includes Wagner and his brother Franz Wagner, can get even better next season and compete for a playoff spot. The Magic had a 34-48 record last season, but the team finished the year strong. Orlando went 29-28 in its final 57 contest.

Paolo Banchero is a potential superstar in the making. The No. 1 overall pick in the 2022 NBA Draft led the Magic with 20.0 points per game. Franz Wagner averaged 18.6 points per game.

Orlando had the No. 6 and No. 11 picks in the 2023 NBA Draft.