
Paolo Banchero, the rising star forward of the Orlando Magic, has officially agreed to a five-year maximum rookie contract extension that could be worth as much as $287 million, league sources confirmed on Wednesday. The deal locks in the franchise cornerstone through the 2029-2030 NBA season and underscores the Magic’s full commitment to building around the 2022 NBA Draft’s No. 1 overall pick.
Banchero, who turns 23 in November, has been the centerpiece of Orlando’s youth movement since he arrived in the league. In just two seasons, he has not only met but exceeded expectations, earning NBA Rookie of the Year honors in 2023 and securing his first All-Star appearance in 2024. His rare combination of size, skill, and basketball IQ has made him one of the most promising young players in the league — and this new deal reflects that belief.
Under the terms of the contract, Banchero will receive a full five-year extension with no player options, beginning in the 2025-26 season. The base value of the extension is approximately $224 million, but it includes performance incentives and escalators — such as All-NBA selections — that could push the total value up to $287 million. If he earns All-NBA honors in the upcoming 2024-25 season, he would qualify for the so-called “supermax” rookie extension, a mechanism introduced in the league’s collective bargaining agreement to allow teams to retain their elite young talent.
The Magic’s front office, led by president of basketball operations Jeff Weltman and general manager Anthony Parker, made securing Banchero’s long-term future a top priority this offseason. The organization has steadily improved over the past two seasons, finishing with a 47–35 record and reaching the first round of the Eastern Conference playoffs in 2024, where they pushed the Cleveland Cavaliers to seven games.
Banchero averaged 22.6 points, 6.9 rebounds, and 5.4 assists per game last season, becoming just the fourth player under age 22 to post such numbers in a single campaign — joining elite company such as LeBron James, Luka Dončić, and Oscar Robertson. His versatile offensive skill set — the ability to initiate offense, post up smaller defenders, and stretch the floor — has made him the hub of Orlando’s offense. On the defensive end, his size and improved awareness have helped anchor a team that finished in the top 10 in defensive efficiency.
“This is just the beginning,” Banchero said in a statement following the news. “Orlando believed in me from day one. I love this city, I love my teammates, and I’m ready to keep building something special here.”
The extension also provides stability for a Magic franchise that has long been searching for its next superstar. Since the departure of Dwight Howard in 2012, Orlando has endured years of lottery finishes and rebuilds. With Banchero leading the charge, those days appear to be over. The Magic now boast one of the league’s most intriguing young cores, including Franz Wagner, Jalen Suggs, and Anthony Black, along with veteran leaders like Wendell Carter Jr. and Cole Anthony.
While the price tag for Banchero’s extension is steep, the Magic believe it’s a worthy investment for a player who has the potential to become one of the league’s top 10 talents. The structure of the deal — locking him in before he enters unrestricted free agency — also provides long-term flexibility as Orlando continues to build a championship-caliber roster around him.
NBA executives around the league view Banchero’s extension as a no-brainer, especially given the rising salary cap and the increasingly competitive free agent market. If Banchero continues to develop at his current pace, this contract could even be considered a bargain by the end of its term.
With their star secured and the core intact, the Orlando Magic enter the next phase of their rebuild with real momentum. The focus now shifts to taking the next step — competing for homecourt advantage in the playoffs and eventually, contending for a championship. And at the center of it all is Paolo Banchero, the face of the franchise for years to come.