The Orlando Magic had a big decision to make after winning the 2022 NBA Draft Lottery. Most believed they would be selecting either Auburn forward Jabari Smith, Jr., or Gonzaga big man Chet Holmgren with the No. 1 overall pick. Instead, the Magic surprised many by taking Duke forward Paolo Banchero with the top pick, and that has certainly proved to be the correct decision.
Banchero made an immediate impact, winning the Rookie of the Year Award after putting up 20.0 points, 6.9 rebounds and 3.7 assists per game. He was even better in year 2, leading the Magic back to the postseason and averaging 22.6 points, 6.9 rebounds and 5.4 assists per game while seeing his shooting percentage increase from 42.7% to 45.5% and his three-point percentage go from 29.8% to 33.9%. Banchero was named to the All-Star team.
Banchero had even higher hopes for his third season but suffered a torn right oblique injury and was limited to 46 games. He still managed to put up 25.9 points, 7.5 rebounds and 4.8 assists per game while leading the Magic back to the postseason. With Banchero ascending into superstardom, the Magic are poised to strike.
Orlando Magic Have Had an Eventful Offseason
Last offseason the Magic locked up two of their key young players, signing borderline All-Star forward Franz Wagner to a five-year, $224,238,150 contract and guard Jalen Suggs to a five-year, $150.5 million deal.
The Magic have made a few key moves this season as well.
Prior to the draft, they acquired wing Desmond Bane from the Memphis Grizzlies. The Magic sent guards Kentavious Caldwell-Pope and Cole Anthony, and four future first-round draft picks (including a pick swap) to the Grizzlies in exchange for Bane.
That means Wagner, Suggs and Bane are all signed through at least the 2028-29 season.
They have since agreed to a deal with veteran point guard Tyus Jones and agreed to a new one-year, $5 million deal with Wagner’s brother, big man Moritz Wagner.
Magic Sign Paolo Banchero to Massive $287 Million Deal
With the Magic gearing up in an attempt to become one of the league’s elite teams, the most important piece of their puzzle is now complete. According to Shams Charania of ESPN, the Magic have signed Banchero to a five-year, $239 million maximum rookie contract that could reach $287 million.
“Breaking: Orlando Magic star Paolo Banchero has agreed to a five-year maximum rookie contract extension that could reach $287 million, Mike Miller of LIFT Sports Management tells ESPN. Deal includes a player option; the first for a rookie max since 2021 (Luka Doncic, Trae Young),” Charania reported.
Breaking: Orlando Magic star Paolo Banchero has agreed to a five-year maximum rookie contract extension that could reach $287 million, Mike Miller of LIFT Sports Management tells ESPN. Deal includes a player option; the first for a rookie max since 2021 (Luka Doncic, Trae Young). pic.twitter.com/bwnCrJbnmu
— Shams Charania (@ShamsCharania) July 7, 2025
“The deal also has a player option for Banchero in 2030-31 — the first time a rookie max extension has had a player option since 2021, when Luka Doncic (Dallas Mavericks) and Trae Young (Atlanta Hawks) completed their rookie max contracts,” Charania said.
“Miller 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,” he further added.
The option is an interesting piece of the puzzle as Banchero could continue to rise into one of the league’s best players. It could allow him to opt out and potentially sign an even larger megadeal than the possible $287 million he could earn now.
With the Magic’s future locked in, they could be one of the league’s premier teams for years to come.
