Orlando Magic star Paolo Banchero has agreed to a five-year maximum rookie contract extension worth up to $287 million, according to ESPN’s Shams Charania. This new contract will keep Banchero with the Magic through the 2030-31 season, including a player option for that final year, making him the face of the franchise for a significant period. Notably, this is the first rookie extension since 2021 to feature such clauses, similar to those in the contracts of Luka Doncic and Trae Young.
Banchero is set to earn a base salary of $239 million over the duration of the deal. His earnings could rise to a Super Max level if he earns All-NBA or All-Defensive team honors or wins major awards like MVP or Defensive Player of the Year next season. Without this extension, Banchero would have entered restricted free agency next offseason. The Magic had team options for the past two years and planned to pay him $15.3 million next season, so this extension marks a substantial salary increase to at least $47.8 million annually.
Selected as the top pick in the 2022 NBA Draft, Banchero had an impressive third season, averaging career highs in points (25.9) and rebounds (7.5), while also contributing 4.8 assists per game. However, a torn muscle sidelined him for 34 games early in the season, preventing him from securing a second consecutive All-Star selection and making him ineligible for All-NBA honors due to playing fewer than 65 games.
Despite his injury, Banchero led the Magic in scoring and rebounding during his 22-year-old season, playing a crucial role in the franchise’s resurgence. Orlando achieved its first 40-win season since 2009-11 and made the playoffs as the seventh seed in the Eastern Conference, although they fell to the Boston Celtics in five games in the first round.
This offseason has seen the Magic securing their core players and adding talent around Banchero, Franz Wagner, and Jalen Suggs. Both Wagner and Suggs have contracts locked in for the next five years. The team also made moves by trading for Desmond Bane, re-signing Mo Wagner, and bringing in Tyus Jones. Bane, who shoots 41% from three-point range, addresses one of Orlando’s key weaknesses—outside shooting—complementing a defense that is considered one of the best in the NBA.
At just 22 years old, Banchero averaged 20 points per game in 2023, won Rookie of the Year that same year, and made his All-Star debut in his second season. He has already scored 50 points in a game, achieving this milestone in the fourth game of the previous season. Of his six career 40-point games, all but two occurred in the Magic’s 41-win season.
Fan Take: Paolo Banchero’s massive contract extension signals Orlando Magic’s commitment to building around their young superstar, sparking excitement for the franchise’s future. For basketball fans, this represents a new era of emerging talent poised to challenge the league’s established powers and elevate the competition at the highest level.
