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Since joining the Orlando Magic, Paolo Banchero has accomplished a great deal. He secured the Kia Rookie of the Year title, earned an All-Star selection, and assisted the team in reaching the playoffs on two occasions.
Now, the Magic are placing their hopes on his potential for even greater achievements.
Banchero has mutually agreed to the largest contract in the history of the Magic — a five-year extension valued at $239 million, which could extend to roughly $287 million if he qualifies for a supermax deal.
“We are delighted to have Paolo Banchero remain with the Magic for many years ahead,” stated Jeff Weltman, the President of Basketball Operations. “At only 22, he has achieved NBA Rookie of the Year honors, earned All-Star recognition, and is recognized as one of the league’s most promising young talents. This decision underscores our confidence in Paolo’s skills, character, and ambition to excel at the highest level. It also demonstrates Paolo’s faith in our organization, our supporters, and the city of Orlando. We look forward to continuing this journey together.”
locked in 🤝
yeahhhhh P5pic.twitter.com/KwgdYOuInJ
— Orlando Magic (@OrlandoMagic)July 8, 2025
According to ESPN, which was the first to break the news, the agreement includes a player option for the final year.
This arrangement secures four players — Banchero, Franz Wagner, Jalen Suggs, and the recently acquired Desmond Bane — under contract for the upcoming four seasons. Specifically, Banchero, Wagner, and Suggs have agreements that extend at least five seasons.
Banchero was named the Kia NBA Rookie of the Year for the 2022-23 season and was a unanimous choice for the All-Rookie First Team, living up to expectations as the No. 1 overall pick in the 2022 NBA Draft. He made the All-Star team in his second year and was on track to repeat the accomplishment last season before suffering an early-season oblique injury.
He concluded the season with an average of 25.9 points and 7.5 rebounds, both career highs, and led the Magic to the playoffs for the second year in a row.
This season, he will play out the last year of his rookie contract, earning approximately $15.3 million. Depending on whether he meets supermax qualifications, his salary for the 2026-27 season, when the extension takes effect, could escalate to around $41 million or $49 million.
This new deal exceeds the $224 million extension signed by Wagner last summer, which was previously a franchise record, although it was anticipated that Banchero’s upcoming contract would surpass that figure.
