The Orlando Magic and rising star forward Paolo Banchero have finalized a five-year maximum rookie contract extension potentially worth up to $287 million, as reported by ESPN’s Shams Charania. This deal ensures Banchero’s role as the Magic’s centerpiece over the next five years, including a player option for the 2030-31 season. This marks the first rookie extension since 2021 that features such a clause, a privilege formerly held by Luka Dončić and Trae Young.

Over the course of the contract, Banchero is set to earn a base of $239 million, with the possibility of elevating to a supermax if he earns selection to an All-NBA team or the All-Defensive team or if he wins MVP or Defensive Player of the Year awards next season.

Had he not secured this extension, Banchero would have entered restricted free agency the following offseason. The Magic had exercised team options for him in the last two years, initially proposing a $15.3 million salary for the upcoming season. This extension is projected to increase his annual income to at least $47.8 million.

At just 22 years old, Banchero, first overall in the 2022 NBA Draft, enjoyed a stellar third year, averaging career-best stats of 25.9 points and 7.5 rebounds per game alongside 4.8 assists. Despite a setback from a torn right oblique muscle that limited his games, he led the Magic in scoring, rebounds, and assists this season. This undertaking also helped the franchise qualify for the playoffs again, concluding this season ranked 7th in the East. Unfortunately, they lost in the opening round to the Boston Celtics.

This offseason, the Magic have made strides to secure their core around Banchero, extending contracts for fellow players like Franz Wagner and Jalen Suggs. The team is expected to further strengthen with the acquisition of Desmond Bane and have also re-signed Moe Wagner and added Tyus Jones to elevate their competitive edge.

Notably, Banchero, who was named the Rookie of the Year in 2023 while putting up an average of 20 points per game, made his All-Star debut the following season with an even more impressive performance. He has already achieved a 50-point game, occurring during the fourth match of the last season. His contributions were critical to the Magic reaching 41 wins this season, showcasing his potential as a standout player in the league.