Magic star forward Paolo Banchero has agreed to a five-year maximum rookie scale contract extension that could reach $288MM, ESPN’s Shams Charania tweets.
The contract will include a player option in the final year, the first time that’s happened in a rookie maximum extension since 2021, when Luka Doncic and Trae Young each received one.
As cap expert Yossi Gozlan points out (Twitter link), the extension is technically worth $240MM but it could rise another $48MM if he qualifies for the 30 percent maximum, which includes criteria such as making an All-NBA team or winning the Most Valuable Player Award.
Banchero will now be signed through the 2030/31 season. The five-year extensions for Franz Wagner and Jalen Suggs kick in this coming season and recently-acquired Desmond Bane has a contract that runs through the 2028/29 season. That means that four members of the starting lineup are signed for at least the next four seasons.
Orlando’s decision to make Banchero the top pick of 2022 draft was somewhat surprising but he’s lived up to that billing. He was the Rookie of the Year in 2023 and an All-Star in 2024. An early-season oblique injury marred Banchero’s third NBA season but he still averaged 25.9 points, 7.5 rebounds and 4.8 assists per game in 46 starts. Banchero has averaged 28 points per game in 12 postseason contests over the past two seasons.
Back in May, Banchero told Marc J. Spears of ESPN he wasn’t sure if he’d sign an extension but was hopeful it would come to fruition.
“I was in over my head when I signed my rookie (contract). So, I really haven’t thought much about that. … But it’s a blessing and hopefully all that stuff works out if I’m able to sign with the team and lock in my future,” he said. “That’s every young player’s goal coming into this league, establishing yourself early, get a second contract. So, when (the) time comes, I’m sure all that stuff we can figure out. I don’t know. They say more money, more problems. So, we’ll see what happens.”