Nikola Vucevic, Orlando Magic Agree On Contract Extension

Orlando Magic's Nikola Vucevic (9) Scores In The First Half Against The Toronto Raptors — Mar 30, 2014; Orlando, FL, USA; Orlando Magic center Nikola Vucevic (9) celebrates after scoring in the first half against the Toronto Raptors at Amway Center. The Raptors won 98-93. Reuters/David Manning-USA TODA

The Orlando Magic are entering the third year of the post-Dwight Howard life. After years of losing out on the playoffs, there seems to be a signal that the team is now willing to put out a product that will compete for at least a playoff spot. The locking up of their developing guys to long term deals is a signal that the team is now trying hard to rise from being one of the league's cellar dwellers to again belong in the company of the NBA's elite teams.

The Orlando Magic has locked up center Nikola Vucevic to a four-year contract extension reportedly worth $53 million per ESPN. The deal will kick in at the onset of the upcoming 2014-2015 season and the 23-year-old player will join fellow 2011 draftees Kyrie Irving, Kenneth Faried, Markieff and Marcus Morris as the only players to get extensions with their home club.

The Montenegrin baller was one of the more consistent double-double machines last season and has been one of the more rewarding trade acquisitions in the Dwight Howard trade. Since his transfer from the Philadelpiha 76ers, Vucevic has been averaging, 13.6 and 11.5 rebounds a game, which again placed him in an elite group of big men who were able to average at least 10 rebounds in the previous two seasons. The other names include the Cleveland Cavaliers' Kevin Love, Chicago Bulls' Joachim Noah, Memphis Grizzlies' Zach Randolph and Houston Rockets' Howard.

The Magic were able to remove their young center from the free agency market. Teams who fail to sign their third year players before November 1st will automatically turn them into restricted free agent status by year's end, essentially starting a bidding war for their services. This was in full display with Chandler Parsons who was signed to a contract by the Dallas Mavericks after his mother team, the Rockets, chose not to match.

The team from Florida is also in negotiations to lock up forward Tobias Harris to an extension before the said deadline. Other players who are eligible to contract extensions from their mother teams include Golden State's Klay Thompson, Chicago's Jimmy Butler, Minnesota's Ricky Rubio and Charlotte's Kemba Walker.

After the big man was locked up by the team, his teammates such as Channing Frye, Maurice Harkless and Tobias Harris took to Twitter their congratulations for the young fellow: