The Orlando Magic and All-Star forward Paolo Banchero have agreed to a five-year, $239million contract extension, multiple media outlets reported Monday.

The contract represents the maximum a player can receive fresh off his rookie deal and can escalate to $287million if Banchero is voted to an All-NBA team.

The final season of the deal, 2030-31, carries a player option.

With this long-term deal in place, the Magic’s core of Banchero, Franz Wagner, Jalen Suggs and Desmond Bane are under contract for at least the next four seasons.

Orlando drafted Banchero No. 1 overall out of Duke in 2022, sparking the franchise’s renaissance.

The Magic ended a three-season play-off drought in 2024 but have been ousted from the post-season in the first round each of the last two years.

Banchero has averaged 22.4 points, 7.1 rebounds and 4.6 assists during his three seasons in Orlando.

Last season, he averaged 25.9 points, 7.5 rebounds and 4.8 assists in 46 games.

Breaking: Orlando Magic star Paolo Banchero has agreed to a five-year maximum rookie contract extension that could reach $287 million, Mike Miller of LIFT Sports Management tells ESPN. Deal includes a player option; the first for a rookie max since 2021 (Luka Doncic, Trae Young). pic.twitter.com/bwnCrJbnmu

— Shams Charania (@ShamsCharania) July 7, 2025