Orlando Magic star Paolo Banchero has agreed to a five-year, $239 million maximum rookie contract extension that could reach $287 million and includes a player option in the final season, ESPN’s Shams Charania reported.
[Mike Miller of LIFT Sports Management] said Banchero’s new deal includes triggers to elevate the base salary to the supermax should the Magic franchise cornerstone make either an All-NBA team or earn MVP or Defensive Player of the Year honors next season.
Banchero, 22, averaged 25.9 points, 7.5 rebounds and 4.8 assists per game on 45.2% shooting from the field in 46 appearances for Orlando this past season.
In a year heavily disrupted by injuries, the Magic entered the postseason as the No. 7 seed in the Eastern Conference with a 41-41 record. Orlando was eliminated by the Boston Celtics in the first round in five games.
Next season, the franchise’s nucleus of Banchero, Franz Wagner and Jalen Suggs will return, alongside the new addition of Desmond Bane.