Paolo Banchero, the cornerstone of the Orlando Magic, has agreed to a lucrative five-year rookie maximum contract extension. The deal, potentially worth up to $287 million, signifies the Magic's commitment to building their future around the young star.
Mike Miller of LIFT Sports Management confirmed to ESPN that the agreement guarantees Banchero $239 million over the five years.
The contract includes incentives that could elevate the base salary to a supermax level if Banchero earns All-NBA team selection, MVP, or Defensive Player of the Year honors in the upcoming season.
Image: Paolo Banchero driving to the basket.
Notably, the deal features a player option for Banchero in the 2030-31 season. This is the first time a rookie max extension has included a player option since 2021, when Luka Doncic of the Dallas Mavericks and Trae Young of the Atlanta Hawks finalized their rookie max contracts.
With Banchero locked in, the Magic have secured their core of Banchero, Franz Wagner, and Jalen Suggs for the next five years. The recent acquisition of Desmond Bane further solidifies their long-term prospects, keeping him under contract through the 2028-29 season.
"This commitment reflects our belief in Paolo's talent, character, and desire to win at the highest level," stated Magic president of basketball operations Jeff Weltman. "It also reflects Paolo's belief in our organization, our fans, and the city of Orlando. We are excited to continue this journey together."
Weltman had previously indicated the franchise would adopt an aggressive approach this offseason. The additions of Bane and veteran guard Tyus Jones, alongside the Banchero extension, position the team as a potential contender in the Eastern Conference.
Image: Moe Wagner in action for the Orlando Magic.
Orlando's selection of Banchero with the No. 1 pick in the 2022 draft has been a catalyst for the franchise's resurgence, leading to two postseason appearances in the past two seasons.
Despite an oblique injury that caused him to miss 34 games in the early part of the 2024-25 season, Banchero delivered a career-best performance, averaging 25.9 points, 7.5 rebounds, and 4.8 assists.
He joins an elite group of only eight players in NBA history to average at least 25 points, 7 rebounds, and 4 assists at age 22 or younger. Furthermore, he stands alongside Tracy McGrady and Shaquille O'Neal as the only Magic players to average over 25 points in a single season.
Image: A general view of NBA free agency.
After the All-Star break, Banchero elevated his game, averaging an impressive 29.0 points, 7.8 rebounds, and 4.5 assists. In the playoffs, he recorded seven consecutive games with 25 points or more across the 2024 and 2025 seasons, matching the longest streak in Magic history.
His 4,432 career points through three seasons rank third in Magic history, trailing only O'Neal and Penny Hardaway.
The 2022-23 NBA Rookie of the Year, who earned his first All-Star selection in 2024, has career averages of 22.4 points, 7.1 rebounds, and 4.6 assists in his three NBA seasons.
ESPN's Bobby Marks contributed to this report.
Newer articles
Older articles