Paolo Banchero Lands Massive $239M Extension, Potential Supermax, with Orlando Magic

Paolo Banchero Inks Massive Rookie Extension with Orlando Magic

Paolo Banchero, the cornerstone of the Orlando Magic, has reportedly agreed to a lucrative five-year rookie maximum contract extension worth $239 million, with the potential to reach $287 million, according to Mike Miller of LIFT Sports Management, who spoke with ESPN on Monday.

Miller indicated that Banchero's new deal contains incentives that could elevate his base salary to a supermax level. This would be triggered if the Magic's franchise player earns All-NBA team selection, MVP, or Defensive Player of the Year honors in the upcoming season.

Notably, the agreement incorporates a player option for Banchero in 2030-31, marking the first instance of a rookie max extension featuring such an option since 2021, when Luka Doncic of the Dallas Mavericks and Trae Young of the Atlanta Hawks finalized their rookie max contracts.

With Banchero, Franz Wagner, and Jalen Suggs now secured for the next five years, alongside the recent acquisition of Desmond Bane, who is under contract through the 2028-29 season, the Magic have solidified their core group.

"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 previously emphasized the franchise's intention to adopt an aggressive approach this offseason. The acquisition of Bane and the signing of veteran guard Tyus Jones further bolster the team's prospects, positioning them as potential contenders in the Eastern Conference.

Orlando's selection of Banchero as the No. 1 pick in the 2022 draft served as a catalyst for the franchise's resurgence, leading to two postseason appearances in the subsequent two seasons.

Despite an oblique injury that sidelined him for 34 games during the initial two months of the 2024-25 season, Banchero achieved a career-best season, averaging 25.9 points, 7.5 rebounds, and 4.8 assists.

He stands as only the eighth player in NBA history to average at least 25 points, 7 rebounds, and 4 assists at the age of 22 or younger. Furthermore, he joins Tracy McGrady and Shaquille O'Neal as the only Magic players to average over 25 points in a single season.

Following the All-Star break, Banchero elevated his performance, averaging 29.0 points, 7.8 rebounds, and 4.5 assists. In the playoffs, he recorded seven consecutive games with 25 points or more, spanning the 2024 and 2025 seasons, matching the longest streak in Magic history.

With 4,432 points through his first three seasons, he ranks third in Magic history for career points, 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 averaged 22.4 points, 7.1 rebounds, and 4.6 assists throughout his three NBA seasons.

ESPN's Bobby Marks contributed to this report.