Massive Paolo Banchero extension continues Magic's all-in offseason

Almost exactly one year ago on July 5, 2024, the Magic extended forward Franz Wagner to a five-year deal worth up to $269M. Both he and Banchero, the No. 1 overall pick of the 2022 NBA Draft, have blossomed into cornerstones of a Magic squad looking to take a leap after consecutive first-round playoff exits.

From the 2020-21 through 2022-23 seasons, Orlando had the NBA's third-worst record (77-159), ahead of only the Detroit Pistons (60-176) and Houston Rockets (59-177). It's improved significantly in the two years since, and while injuries hampered the 2024-25 season, there are plenty of reasons to anticipate the best years of this core lie ahead.

Banchero started just 46 games last season after suffering a torn oblique in an October 2024 loss to the Chicago Bulls. He returned from injury in January and ended the year averaging career-highs in points (25.9) and rebounds (7.5) per game.

With uncertainty surrounding multiple viable East contenders, including the Milwaukee Bucks, Boston Celtics and Indiana Pacers, Orlando has positioned itself to take advantage.

In addition to signing Banchero and Wagner to lucrative extensions, the Magic acquired shooting guard Desmond Bane from the Memphis Grizzlies earlier this offseason for shooting guard Kentavious Caldwell-Pope, point guard Cole Anthony, four unprotected first-round picks and a future first-round pick swap.

The front office's recent moves suggest it believes the Magic have a legitimate shot of emerging in the near future as a perennial title contender. Based on the significant financial resources and draft capital spent, they must.