2021 PickThe 2021 pick is top-4 protected. If the Bulls hit the lottery and the pick doesn't convey, the Magic get our 2022 pick.
The 2022 pick is top-3 protected. If the Bulls hit the lottery and the pick doesn't convey, the Magic would receive the Bulls’ second-round pick in 2024 and the Bulls’ second-round pick in 2025.
2023 PickIf the Magic get our 2021 pick, they also get our 2023 1st round pick. If the Magic don't get our 2021 pick, but get our 2022 pick, they also get our 2024 1st round pick.
If we wind up with a top-4 this year, and a top-3 pick in 2022, the Magic get our 1st round pick in 2023 (because we wouldn't be trading away consecutive 1st-rounders).
Whether the second pick first becomes due in 2023 or 2024, it contains the same protections. Top-4 protected the first year, and if it doesn't convey, Top-3 protected the 2nd year.
And again, if the pick doesn't convey during the 2nd year, the Magic would receive the Bulls’ second-round pick in 2026 and the Bulls’ second-round pick in 2027.
https://theathletic.com/2492482/2021/04/01/how-nba-draft-protections-impact-the-orlando-magics-three-incoming-first-round-picks/