The Orlando Magic have locked in their franchise cornerstone, Paolo Banchero, agreeing to a five-year contract extension that could become the richest deal in team history — potentially reaching $287 million if supermax conditions are met.

The base value of the extension is $239 million, and it includes a player option for the fifth year, according to reports. While official financial terms were not disclosed, sources confirmed the figures on condition of anonymity. The deal ensures Banchero remains a key part of Orlando’s long-term vision.

Rising Star Secures Future in Orlando

Banchero, just 22 years old, has already built an impressive resume. Since being selected No. 1 overall in the 2022 NBA Draft, he has:

• Won Rookie of the Year (2022–23)
• Earned an All-Star selection
• Led the Magic to back-to-back playoff appearances

His breakout performance last season — averaging 25.9 points and 7.5 rebounds per game — further solidified his role as one of the league’s rising superstars. Despite an early-season oblique injury, Banchero bounced back to finish the year strong, helping Orlando reach the postseason once again.

Magic Building Around Young Core

“We’re thrilled to continue our journey with Paolo,” said Magic President of Basketball Operations Jeff Weltman. “This extension is a reflection of his extraordinary talent and commitment to winning — and our belief in him as a centerpiece for our future.”

With this deal, the Magic now have a promising core locked in for years to come:

• Paolo Banchero
• Franz Wagner
• Jalen Suggs
• Desmond Bane (recently acquired)

Banchero is set to earn $15.3 million in the final year of his rookie contract this upcoming season. His new extension will kick in for the 2026–27 season, with his salary jumping to approximately $41–49 million annually, depending on whether he qualifies for supermax status.

A New Era for Orlando Basketball

The extension not only surpasses the previous franchise record — a $224 million deal given to Franz Wagner last year — but also signals a new era for the Magic. With a young and dynamic roster taking shape, the franchise appears poised to climb the ranks in the Eastern Conference.

If Banchero’s trajectory continues upward, this could mark the beginning of a sustained period of success in Orlando — with their young star at the helm.