Paolo Banchero signs richest contract in Orlando Magic history: $239 million

Paolo Banchero dunksPhotos 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. 

Paolo Banchero richHere 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. 
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  • 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. 
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  • 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. 
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  • 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. 

Multimedia: Why Paolo Banchero and the Orlando Magic could shock the NBA in 2026

Headline Surfer YouTube download / Players Choice video / The Panel discuss the Orlando Magic going into the 2026 NBA Season and what they expect from the star duo of Paolo Banchero and Franz Wagner.

Henry Frederick press card / Headline SurferAbout the Byline Writer: 

Henry Frederick is an award-winning journalist who launched Headline Surfer in 2008. The site serves the greater Daytona Beach, Sanford, and Orlando areas along the I-4 corridor and beyond via HeadlineSurfer.com in Lake Mary, Florida. Frederick earned his Master of Arts in New Media Journalism from Full Sail University in Orlando in 2019. He was a breaking news reporter (metro cops & courts beat) for the Daytona Beach News-Journal for nearly a decade, and before that, the same beat with The Journal-News/Gannett Suburban Newspapers in Rockland/Westchester counties, NY, dating back to 1989. He's also worked as a city editor and city hall reporter for two dailies. Having witnessed the execution of serial killer Aileen Wuornos in Florida's death chamber and covering other high-profile cases, Frederick has appeared on national crime documentary shows on Discovery ID, Reelz & the Oxygen Network series "Snapped" for his analysis. Assisting Henry Frederick with Headline Surfer is Sera King, who writes about the weather and feature stories, takes photos, shoots video, and occasionally draws editorial cartoons. •  Bio: https://henryfrederick.com/.