The Magic are shelling out a big-time sum to keep their young star in Orlando .
Paolo Banchero has agreed to sign a five-year maximum rookie contract extension with the Magic that could be worth as much as $287 million, ESPN's Shams Charania reported Monday.
The base salary is $239 million over the five years, or $47.8 per season, but Banchero could make more if he makes an All-NBA team, wins MVP or captures the Defensive Player of the Year award next year.
The deal also includes a player option in 2030-31, marking the first time a rookie extension has featured a player option since Luka Doncic and Trae Young signed their rookie extensions in 2021.
Paolo Banchero celebrates during Game 3 of the Magic's first-round series against the Celtics on April 25. AP
The Magic have taken steps to solidify their core this offseason – most notably, trading for Desmond Bane from the Grizzlies on June 15 in exchange for Cole Anthony , Kentavious Caldwell-Pope and four first-round picks.
Orlando also signed free agent point guard Tyus Jones to bolster its depth.
The team has a quality group of homegrown talent to surround Banchero, too, including Franz Wagner and Jalen Suggs .
Banchero, Wagner, Suggs and Bane are now all under contract with the Magic through the 2028-29 season.
Paolo Banchero in Game 4 of the Magic's first-round series against the Celtics on April 27. AP
Banchero, the No. 1 pick in the 2022 draft, has led the Magic to back-to-back playoff appearances.
The Seattle native missed 34 games in 2024-25 with an oblique tear, but he still averaged 25.9 points, 7.5 rebounds and 4.8 assists in the 46 games he did play.
The year prior, he was an All-Star and averaged 22.6 points, 6.9 rebounds and 5.4 assists, and he also captured Rookie of the Year honors in 2022-23.
Now, Banchero will look to help the Magic become contenders in a weak Eastern Conference, with the Celtics ' Jayson Tatum and the Pacers ' Tyrese Haliburton both expected to miss most, if not all, of next season with respective Achilles injuries.
