The Orlando Magic have secured a significant contract extension with forward Paolo Banchero, reaching a five-year deal valued at approximately $239 million, marking the highest contract in the franchise’s history. This confirmation comes from league sources, indicating that the agreement will commence with the 2026-27 season, running through to the 2030-31 season, and includes an option for Banchero in the final year.
As Banchero approaches his 23rd birthday in November, the potential for his earnings to rise is notable. If he achieves accolades such as the NBA MVP, Defensive Player of the Year, or a position on the All-NBA roster during the 2025-26 season, the total value of the extension could soar to around $287 million.
Drafted first overall in 2022 following an impressive freshman year at Duke, Banchero has quickly emerged as a cornerstone of the Magic’s organization. His growth as a player was evident last season, where he averaged 25.9 points and 7.9 rebounds per game, despite facing a challenging recovery from a torn oblique muscle that sidelined him for over a month. During the playoffs against the Boston Celtics, he elevated his performance, averaging 29.4 points and 8.4 rebounds per game.
Banchero joins elite company in NBA history, becoming one of only a handful of players under the age of 23, alongside LeBron James and Luka Dončić, to have tallied over 4,000 points, 1,300 rebounds, and 900 assists in their first three seasons.
The Magic are optimistic about their future competitiveness in the Eastern Conference, buoyed by a solid roster that includes rising stars like Franz Wagner, Jalen Suggs, and recent addition Desmond Bane, all of whom are under contract for multiple seasons.
Despite this hopeful future, the team faces challenges in managing their payroll effectively, especially as they navigate the complexities of the NBA salary cap. With several key players on lucrative contracts, maintaining a balanced roster will require strategic planning from the Magic’s front office.
As the team preps to finalize the deal, expectations remain high for Banchero and the Magic as they look to enhance their performance in the years to come.