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

By Canadian Press on July 7, 2025.

Paolo Banchero has agreed to the richest contract in Orlando 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.

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 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.

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AP NBA: https://apnews.com/hub/NBA

Tim Reynolds, The Associated Press

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