Banchero, Magic agree to $239M rookie max deal

Orlando Magic star Paolo Banchero agreed to a five-year, $239 million maximum rookie contract extension that could reach $287 million, Mike Miller of LIFT Sports Management told ESPN on Monday.

Miller said Banchero's new deal includes triggers to elevate the base salary to the supermax should the Magic franchise cornerstone make either an All-NBA team or earn MVP or Defensive Player of the Year honors next season.

The deal also has a player option for Banchero in 2030-31 -- the first time a rookie max extension has had a player option since 2021, when Luka Doncic (Dallas Mavericks) and Trae Young (Atlanta Hawks) completed their rookie max contracts.

The Magic now have their core of Banchero, Franz Wagner and Jalen Suggs under contract for the next five years as well as newly acquired Desmond Bane under contract through the 2028-29 season.

"This commitment reflects our belief in Paolo's talent, character and desire to win at the highest level," Magic president of basketball operations Jeff Weltman said in a statement. "It also reflects Paolo's belief in our organization, our fans and the city of Orlando. We are excited to continue this journey together."

Weltman said after last season that the franchise would take an aggressive approach this offseason, and after the acquisition of Bane and signing of veteran guard Tyus Jones, the team is well-positioned to be a contender in the Eastern Conference.

Orlando's selection of Banchero with the No. 1 pick in the 2022 draft triggered a turnaround for the franchise that has led to two postseason appearances in the past two seasons.

Despite an oblique injury that sidelined him for 34 games over the first two months of 2024-25, Banchero went on to have a career season, setting high averages of 25.9 points and 7.5 rebounds to go with 4.8 assists.

He's only the eighth player in NBA history to average at least 25, 7 and 4 at age 22 or younger. And he joined Tracy McGrady and Shaquille O'Neal as the only Magic players to average more than 25 points in a season.

Banchero took his game to another level after the All-Star break, averaging 29.0 points, 7.8 rebounds and 4.5 assists. In the playoffs, he put together seven straight games with 25 points or more spanning the 2024 and 2025 seasons, tying the longest streak in Magic history.

He has the third-most career points through three seasons in Magic history with 4,432, behind only O'Neal and Penny Hardaway.

The 2022-23 NBA Rookie of the Year, who earned his first All-Star selection in 2024, has averaged 22.4 points, 7.1 rebounds and 4.6 assists in his three NBA seasons.

ESPN's Bobby Marks contributed to this report.