The Orlando Magic signed star forward Paolo Banchero to a five-year, $239-million rookie maximum extension that could reach up to $287 million, his agent told ESPN's Shams Charania.
The agreement could see Banchero's base salary elevated to the supermax if he earns an All-NBA or All-Defensive team nod or is voted MVP or Defensive Player of the Year, Charania adds.
The contract also includes a player option for the 2030-31 season, making it the first rookie max extension to include the clause since Luka Doncic and Trae Young agreed to similar deals in 2021.
Banchero led the Magic in scoring with 25.9 points per game while averaging 7.5 rebounds and 4.8 assists last season. However, he was limited to 46 games due to an oblique injury that sidelined him for more than two months.
Orlando finished the campaign with a 41-41 record, regressing from its 47-35 showing in 2023-24. The Magic then beat the Atlanta Hawks in the play-in tournament before losing in the first round for the second straight year.
Banchero was selected with the first pick in the 2022 NBA Draft. He won Rookie of the Year and earned an All-Star nod the following season.
The Magic have now locked up all members of their young core to long-term deals. Orlando signed Franz Wagner to a five-year, $224-million extension and Jalen Suggs to a five-year, $150.5-million deal last offseason.
