Photos for Headline Surfer / TOP: Paolo Banchero is the face and the foundation for the Orlando Magic. LEFT: Orlando Magic's Paolo Banchero dunks in a game against the Indiana Pacers.
By HENRY FREDERICK / Headline Surfer
ORLANDO, Fla. -- Paolo Banchero has signed the richest contract in Magic history, and clearly is the face of the franchise like his predecessors, Shaquille O'Neal and Dwight Howard.
The five-year extension signed Monday night is worth $239 million and could reach about $287 million should he become eligible for a supermax deal, a person with knowledge of the agreement said.
"We are thrilled to keep Paolo in a Magic uniform for years to come," Magic president of basketball operations Jeff Weltman said.
"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. 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 agreement means the Magic have four players — Banchero, Franz Wagner, Jalen Suggs, and the newly acquired Desmond Bane — under contract for the next four seasons.
And in the cases of Banchero, Wagner, and Suggs, the terms extend out at least five seasons.
The deal with Banchero includes a player option for the final year, similar to the extensions signed by Luka Dončić and Trae Young in 2021, according to reports from ESPN and other media outlets. The extension solidifies Banchero as the face of the Magic franchise for the foreseeable future.
The deal with Banchero includes a player option for the final year, similar to the extensions signed by Luka Dončić and Trae Young in 2021, according to reports from ESPN and other media outlets. The extension solidifies Banchero as the face of the Magic franchise for the foreseeable future.
Here are some key details:
- Guaranteed Amount: The base salary of the contract is $239 million.
- Incentives: The contract includes incentives that could increase the total value to $287 million if Banchero achieves certain milestones, such as making an All-NBA team, winning MVP, or being named Defensive Player of the Year.
- Player Option: Banchero has a player option for the 2030-31 season.
- Significance: This is the first rookie max extension since 2021 to include a player option.
- Magic's Core: This extension, along with existing contracts for Franz Wagner and Jalen Suggs, locks in the Magic's core for the next several years.
- Banchero's Performance: Banchero, the first overall pick in the 2022 NBA draft, was the Rookie of the Year in 2022-23 and an All-Star in his second season. He averaged career highs in points (25.9) and rebounds (7.5) last season before an injury.
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