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Orlando Magic power forward Paolo Banchero has agreed a sensational five-year, $239million maximum rookie contract extension that could one day reach $287m, according to reports.
Banchero has checked a lot of boxes since joining Orlando in 2021; winning rookie of the year, being named an All-Star and helping the team to the playoffs twice.
And now the Magic are betting on there being more - much more.
The 22-year-old has agreed to the richest contract in franchise history, a five-year extension with the potential to become the third most-expensive in history should he gain eligibility for a supermax deal, a person with knowledge of the agreement said Monday.
ESPN, which first reported the agreement, claims the deal also includes a player option for the final year - the first time a rookie max extension has had a player option since 2021, when Luka Doncic of the Dallas Mavericks and Trae Young of the Atlanta Hawks completed their rookie max contracts.
The agreement means the Magic now have four players - Banchero, Franz Wagner, Jalen Suggs and the newly acquired Desmond Bane - under contract for the next four seasons. And in the cases of the former trio, the terms extend out at least five seasons.
Magic star Paolo Banchero has agreed a five-year, $239m maximum rookie contract extension
Banchero, who won Rookie of the Year in 2022-23, could see his deal eventually reach $287m
Banchero was the rookie of the year in 2022-23, living up to his billing after being the No. 1 pick in the 2022 NBA draft. He was an All-Star in his second season and was well on his way to that again last season before an early-season oblique injury.
He finished the season averaging 25.9 points and 7.5 rebounds, both career highs, and led the Magic to the playoffs for a second consecutive year.
He'll play the final year of his rookie deal this season, at about $15.3m. His salary - depending on whether the supermax provisions are met or not - would then jump to either around $41m or $49m for 2026-27, when the extension kicks in.
The contract tops the $224m extension that Wagner signed last summer to stay with the Magic. That was a team record at the time, though it was expected then that Banchero's next deal with the Magic would surpass it.
Boston Celtics hero Jayson Tatum currently holds the record for the richest NBA deal in history, having penned a five-year, $315m extension with the team in 2024.
His Celtics teammate Jaylen Brown also agreed a five-year, $304m supermax extension with Boston in the summer of 2023.
Shai Gilgeous-Alexander, who helped the Oklahoma City Thunder win the NBA Championship last month, recently put pen to paper on a four-year, $285m deal - which is the third most expensive NBA deal ever.
Should Banchero go on to meet all the necessary requirements, his maximum deal could one day become the third richest in history.
