Jeff Weltman: Thrilled To Keep Paolo Banchero In Magic Uniform For Years To Come

The Orlando Magic have officially signed star forward Paolo Banchero to a five-year maximum rookie scale contract extension that could be worth up to $288 million, per ESPN’s Shams Charania.

“We are thrilled to keep Paolo in a Magic uniform for years to come,” president of basketball operations Jeff Weltman said in a statement. “At just 22, he has won NBA Rookie of the Year, been named an NBA All-Star, and is widely regarded as one of our league’s brightest young stars.”

“This commitment reflects our belief in Paolo’s talent, character and desire to win at the highest level,” Weltman added. “It also reflects Paolo’s belief in our organization, our fans and the city of Orlando. We are excited to continue this journey together.”

The deal includes a player option in the fifth year — a feature rarely seen in rookie extensions and the first of its kind since Luka Doncic and Trae Young negotiated similar terms in 2021.

According to ESPN and multiple reports, the base value of the extension is a projected $240 million, but it could increase by $48 million if Banchero qualifies for the Rose Rule by making an All-NBA team or winning MVP. Salary projections are based on a 7 percent cap increase for the 2026–27 season.

Banchero is now under contract through at least the 2029–30 campaign, with the player option in 2030–31. The former No. 1 overall pick averaged 22.7 points, 6.8 rebounds and 5.4 assists in his sophomore season and helped lead the Magic to their first playoff appearance since 2020.

With the new deal in place, Orlando now has long-term commitments to four starters: Banchero, Franz Wagner, Jalen Suggs and newcomer Desmond Bane. The Magic are betting big on their young core, and Banchero is clearly at the center of it.