With the East wide open, the Orlando Magic are spending big to contend consistently over the next few years.
The Magic have signed All-Star forward Paolo Banchero to a five-year maximum rookie contract extension, ESPN's Shams Charania reported Monday.
According to Charania, the deal has a base value of $239 million over five years, but can reach up to $287 million if Banchero is selected to either the All-NBA team, All-Defensive team or named MVP or Defensive Player of the Year next season.
The deal will keep Banchero in Orlando through at least the 2029-30 season, and includes a player option for the 2030-31 season.
By signing the 22-year-old, the Magic will have the trio of Banchero, Franz Wagner and Jalen Suggs under contract for the next five seasons and will have recent trade acquisition Desmond Bane on the team for the next four.
Banchero was drafted by the Magic first overall in 2022 and has since made good on those high expectations. Last season, his third in the NBA, he averaged a career-high 25.9 points and 7.5 rebounds along with 4.8 assists. However, he only suited up for 46 games as he dealt with an oblique injury early on into the season.
As the Magic dealt with the injury to Banchero — as well as an oblique injury to Wagner — they fell short of their success from the 2023-24 season, finishing with a 41-41 record. They were eliminated by the Boston Celtics in the first round of the playoffs in five games.
Banchero, a native of Seattle, Wash., was named rookie of the year in 2023 after averaging 20 points, 6.9 rebounds and 3.7 assists, becoming the first Magic player since Mike Miller in 2001 to claim the award.
He earned his first and only All-Star nod the following season after averaging 22.6 points, 6.9 rebounds and 5.4 assists.
“We are thrilled to keep Paolo in a Magic uniform for years to come,” Magic president of basketball operations Jeff Weltman said. “At just 22, he has won NBA rookie of the year, been named an NBA All-Star and is widely regarded as one of our league’s brightest young stars. This commitment reflects our belief in Paolo’s talent, character and desire to win at the highest level. It also reflects Paolo’s belief in our organization, our fans and the city of Orlando. We are excited to continue this journey together.”
He'll play the final year of his rookie deal this season, at about $15.3 million. His salary — depending on whether the supermax provisions are met or not — would then jump to either around $41 million or $49 million for 2026-27, when the extension kicks in.
The contract tops the $224 million extension that Wagner signed last summer to stay with the Magic. That was a team record at the time, though it was expected then that Banchero's next deal with the Magic would surpass it.
-- With files from the Associated Press
