Orlando Magic Extend Paolo Banchero in Record-breaking Deal

ORLANDO, Fla. — The Orlando Magic have reached a landmark agreement with star forward Paolo Banchero for a five-year contract extension valued at $239 million, which could escalate to $287 million, according to Mike Miller of LIFT Sports Management.

Miller confirmed to ESPN that the deal includes performance incentives that could elevate Banchero’s base salary to supermaximum status if he makes an All-NBA team or wins MVP or Defensive Player of the Year honors next season. Notably, this contract features a player option for the 2030-31 season, making it the first rookie max extension with such a provision since 2021.

With Banchero now under contract, the Magic will have their core of key players secured for the next five years. Banchero, who was the No. 1 overall pick in the 2022 NBA Draft, has been pivotal in the team’s recent resurgence, contributing to two postseason appearances in the last two seasons.

In the previous season, despite dealing with an oblique injury that sidelined him for over a month, Banchero achieved career-high averages of 25.9 points and 7.5 rebounds per game, along with 4.8 assists. He is now among just eight players in NBA history to average at least 25 points, 7 rebounds, and 4 assists at 22 years old or younger.

Following the All-Star break, Banchero’s performance intensified, with averages of 29.0 points, 7.8 rebounds, and 4.5 assists per game. His impressive playoff performance included a streak of seven consecutive games scoring 25 or more points, matching a record in Magic history.

Banchero’s total of 4,432 career points places him third in the franchise’s history, only behind former Magic legends Shaquille O'Neal and Penny Hardaway. The 2022-23 NBA Rookie of the Year also earned his first All-Star nod in 2024, demonstrating his significance to the franchise.