The NBA draft opens Tuesday night and the Orlando Magic will be the only team without a first-round selection, holding only the No. 46 pick in the second round on Wednesday. The last time the franchise missed the opening round was in 2011. The only other clubs without a first-rounder this year are the Houston Rockets, Indiana Pacers, New Orleans Pelicans, Phoenix Suns and Portland Trail Blazers.

The absence of a lottery ticket is a direct result of the trade that sent Desmond Bane to Orlando last summer. In exchange, the Magic gave Memphis a 2026 first-round pick with swap rights from Phoenix. After a series of tiebreakers and a later Suns-Hornets deal, that pick landed with Charlotte at No. 18, leaving Orlando without a first-rounder for this draft.

Bane’s contract is the centerpiece of Orlando’s cap picture. The rookie extension he signed with Memphis still carries three years and $126.5 million. Added to that are extensions for Paolo Banchero, Franz Wagner and Jalen Suggs, which together with the remaining salaries of Wendell Carter Jr. ($18.1 million), Anthony Black ($10.1 million), Goga Bitadze ($7.6 million), Tristan da Silva ($3.9 million) and the rookies Jase Richardson ($3.1 million) and Noah Penda ($2.1 million) push the team’s payroll to just under $200 million, just below the projected luxury-tax line for the 2026-27 season.

When asked about the draft outlook, Jeff Weltman said, “I don’t want to say we’re content ever. We have the 46th pick, and we like our team a lot. So, I don’t know what that’s going to mean. We’re having a lot of conversations with teams. This is our job: we have to explore opportunities and figure out where we can get better.” He added that the organization is dealing with “financial compression” and is working on “margins” to improve the roster.

With limited cap flexibility, the Magic’s realistic options revolve around the No. 46 selection. They can either keep the pick and develop a prospect, package it in a trade for additional assets, or use it as a bargaining chip to acquire a veteran contract that fits under the luxury-tax threshold.

The draft night on Wednesday will be the first test of Orlando’s strategy. If the front office can extract value from the 46th slot, it could create the breathing room needed to retain Bane’s contract and continue building around the young core. If not, the team will have to rely on internal development while navigating a tight salary landscape that could push them into luxury-tax territory next season.