Paolo Banchero & Magic Agree To Five-Year Rookie Max Extension Worth $375M

The Orlando Magic and star Paolo Banchero have agreed to terms on a five-year, $239 million maximum rookie contract extension worth up to $287 million, ESPN’s Shams Charania reported on Monday.

Banchero’s new deal includes a player option for 2030-31, making it the first time a rookie maximum contract extension has included the option since 2021, when Luka Doncic and Trae Young both had it included in their deals.

The 22-year-old could reach a supermax contract if he achieves at least one of these milestones next season: All-NBA team, All-Defensive team, MVP or Defensive Player of the Year honors.

The forward was entering the final year of his rookie contract after the Magic selected him as the No. 1 pick in 2022.

Banchero posted career-high averages of 25.9 points and 7.5 rebounds this past season. He missed 34 contests because of an oblique injury, but still showed out when healthy.

Banchero has already made a lasting impact on the Magic franchise, only three seasons deep. He’s already scored 4,432 career points, and his career average of 22.4 points per game ranks third in Magic history behind only Tracy McGrady and Shaquille O’Neal — not bad company there. He was also named the NBA’s Rookie of the Year during the 2022-23 season.

The Magic now have their core of Banchero, Franz Wagner and Jalen Suggs under contract for the next five years, as well as newly acquired Desmond Bane 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,” Magic president of basketball operations Jeff Weltman said in a statement. “It also reflects Paolo’s belief in our organization, our fans and the city of Orlando. We are excited to continue this journey.