The Orlando Magic have reached a significant milestone by finalizing a five-year, $239 million contract extension with All-Star forward Paolo Banchero, as reported by several media outlets on Monday. This deal is the maximum amount a player can secure after completing their rookie contract and has the potential to increase to $287 million if Banchero earns a spot on an All-NBA team.
The extension includes a player option for the final season in 2030-31, allowing Banchero flexibility for the future. With this new contract, the Magic’s future looks bright as their core players, Banchero, Franz Wagner, Jalen Suggs, and Desmond Bane, are locked in for at least the next four years.
Banchero, who was selected by Orlando as the No. 1 overall pick in the 2022 NBA Draft after an impressive stint at Duke, has been a major catalyst in the Magic’s resurgence. Under his leadership, Orlando snapped a three-year playoff drought in 2024, although they were eliminated in the first round in both of the past two seasons.
Paolo Banchero Key Points of Three Seasons
Throughout his three seasons with the Magic, Banchero has posted averages of 22.4 points, 7.1 rebounds, and 4.6 assists. In the 2024-2025 season, he elevated his game, averaging 25.9 points, 7.5 rebounds, and 4.8 assists over 46 games.
Paolo Banchero has agreed to a five-year, $239 million contract extension with the Orlando Magic. This deal, which could escalate to $287 million with All-NBA honors, secures Orlando’s core players for the next few seasons. Banchero’s leadership has helped rejuvenate the team, though they’ve been eliminated in the first round of the playoffs the past two years.
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