Orlando Magic star Paolo Banchero agreed to a five-year, $239 million maximum rookie contract extension that could reach $287 million, Mike Miller of LIFT Sports Management told ESPN on Monday.
Miller said Banchero’s new deal includes triggers to elevate the base salary to the supermax should the Magic franchise cornerstone make either an All-NBA team or earn MVP or Defensive Player of the Year honors next season.
The deal also has a player option for Banchero in 2030-31 — the first time a rookie max extension has had a player option since 2021, when Luka Doncic (Dallas Mavericks) and Trae Young (Atlanta Hawks) completed their rookie max contracts.
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.
Despite an oblique injury that sidelined him for 34 games over the first two months of 2024-25, Banchero went on to have a career season, setting high averages of 25.9 points and 7.5 rebounds to go with 4.8 assists.
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 in his three NBA seasons.
