Magic, Paolo Banchero agree on a 5-year extension. Total value could reach $287 million

Paolo Banchero has checked a lot of boxes since joining the Orlando Magic. Won rookie of the year, been an All-Star, helped the team to the playoffs twice.

And now, the Magic are betting on there being more — much more.

Banchero has agreed to the richest contract in Magic history, a five-year extension that is worth $239 million and could reach about $287 million should he become eligible for a supermax deal, a person with knowledge of the agreement said Monday.

The person spoke to The Associated Press on condition of anonymity because the signing had not been announced by either Banchero or the Magic. ESPN, which first reported the agreement, said it also included a player option for the final year.

The agreement means the Magic 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 Banchero, Wagner and Suggs, the terms extend out at least five seasons.

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 $15.3 million. His salary — depending on whether the supermax provisions are met or not — would then jump to either around $41 million or $49 million for 2026-27, when the extension kicks in.

The contract tops the $224 million 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.