Orlando Magic forward Paolo Banchero has officially agreed to a five-year rookie max extension valued at $239 million, according to league sources. This contract has the potential to increase to $287 million if Banchero earns a spot on an All-NBA team in the upcoming season, allowing him to claim 30% of the team’s salary cap.
The extension includes a player option for Banchero ahead of the 2030-31 season, solidifying his future with the franchise. With this agreement, key players such as Franz Wagner and Jalen Suggs are also secured under contract for the next five years, alongside recently acquired Desmond Bane, who will be with the team for the next four years.
Although the rookie-scale extensions can only be signed during a designated period, the urgency to finalize Banchero’s extension was clear, as the Magic look to ensure their cornerstone player’s stability. Banchero, the first overall pick in the 2022 NBA Draft, has already made a name for himself by ranking third in Magic history for 40-plus point games, achieving it six times in just three seasons.
Last season proved challenging for Banchero as he dealt with a torn right abdominal muscle that limited him to just 46 games. However, upon his return, he demonstrated elite performance, scoring over 20 points in 20 consecutive games, further establishing his importance to the team.
The Magic are aiming for their first playoff series win in 15 years, and the leadership of Banchero and Wagner is vital to that effort. This summer, Orlando has made strategic moves by acquiring Bane, signing veteran Tyus Jones, and drafting promising talents Jase Richardson and Noah Penda. These decisions signify the franchise’s commitment to building a competitive playoff team.
With Banchero’s extension now finalized, the Magic have built a substantial squad, though their financial limitations may prevent them from filling their roster beyond 14 signed players due to hard-cap restrictions. Nonetheless, the addition of two-way contracts offers avenues to enhance depth as they prepare for the upcoming season.
Expressing his contentment with the franchise, Banchero stated, “I love it here… I couldn’t be happier to be a part of the Orlando Magic. I look forward to spending a lot more years here.” This statement reflects a promising future for both Banchero and the Magic as they strive to leave a lasting legacy.