Orlando Magic Give Paolo Banchero Massive Rookie Contract Extension

The Orlando Magic selected Paolo Banchero with the first overall pick in the 2022 NBA Draft out of Duke. Since then, Banchero has led Orlando to the playoffs twice while establishing himself as one of the top players in the league.

Banchero is the franchise player for the Magic, which is why it wasn’t surprising to see Orlando give the swingman a massive rookie contract extension.

According to NBA insider Shams Charania of ESPN, the Magic and Banchero have agreed to a five-year, $239 million maximum rookie contract extension that could reach $287 million.

Banchero’s new deal includes triggers to elevate the base salary to the supermaximum should Banchero make one of the three All-NBA teams, one of the two All-Defensive teams or earn MVP or Defensive Player of the Year honors next season.

Banchero played in 46 games for the Magic last season. He averaged 25.9 points, 7.5 rebounds and 4.8 assists while shooting 45.2% from the field, 32.0% from beyond the arc and 72.7% from the free-throw line.

In 198 games with Orlando, Banchero is averaging 22.4 points, 7.1 rebounds and 4.6 assists. He won the 2023 Rookie of the Year Award and made the All-Star team in 2024.

The Magic have been quite busy this offseason. They acquired Desmond Bane from the Memphis Grizzlies and signed Tyus Jones in free agency. Orlando now has a core of Bane, Banchero, Jalen Suggs, Wendell Carter Jr. and Franz Wagner.

The Eastern Conference is open next season since Boston Celtics forward Jayson Tatum and Indiana Pacers guard Tyrese Haliburton are recovering from Achilles tears. It will be fascinating to see how far Orlando goes in 2026.

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