Banchero Signs Largest Magic Contract Extension

The Orlando Magic have signed star forward Paolo Banchero to a five-year rookie maximum extension worth up to $287 million, making it the largest contract in franchise history. The deal includes a rare player option for the 2030-31 season and could reach its full value if Banchero earns major NBA honors next season. Banchero, the 2022 Rookie of the Year and 2024 All-Star, averaged 25.9 points, 7.5 rebounds, and 4.8 assists last season despite missing significant time with an oblique injury. With this extension, the Magic have secured their young core—including Franz Wagner, Jalen Suggs, and Desmond Bane—through at least 2029. Banchero is now established as the franchise cornerstone, with Orlando aiming to build on recent playoff appearances and pursue its first NBA title. At just 22, Banchero has matched Magic legends by averaging over 25 points per game in a season.