July 8 (UPI) -- The Orlando Magic said their recent decision to agree to a five-year, $239 million contract with All-Star forward Paolo Banchero reflected their "belief" in his talent and "desire to win at the highest level."
LIFT Sports Management announced that Banchero and the Magic agreed to the maximum rookie contract extension on Monday. The pact can reach up to $287 million in total value.
"As the franchise unveils a new era with a reimagined identity, locking in its cornerstone was never in question," LIFT Sports Management said in a statement. "Banchero's rise from top pick to All-Star centerpiece has redefined the trajectory in Orlando.
"The look may be new, but the future still runs through Paolo."
Banchero, the No. 1 overall pick in the 2022 NBA Draft, averaged a career-high 25.9 points, 7.5 rebounds and 4.8 assists per game over 46 starts last season. He missed 34 games during the first-half of the 2024-25 campaign due to an oblique injury.
The 2022-23 Rookie of the Year and 2023-24 All-Star averaged 22.4 points, 7.1 rebounds and 4.6 assists per game through the first three years of his NBA tenure.
"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 Magic will take on the Sacramento Kings in Summer League play at 7:30 p.m. EDT Thursday in Las Vegas.