Paolo Banchero's New Rookie Contract Extension Could Reach A Record-Setting $287 Million

Being the first overall pick in any NBA Draft comes with a hefty set of expectations. Sure, some of them turn into legends and surefire Hall of Famers like LeBron James, Anthony Davis, or Hakeem Olajuwon. But for every superstar, you'll have guys like Kwame Brown, Andrea Bargnani, or Anthony Bennett—occasional flashes of brilliance, but never reaching an All-NBA level.

For now, it looks like Orlando Magic forward Paolo Banchero is heading more toward the former trajectory than the latter. Banchero was the first overall pick of the 2022 draft. He won Rookie of the Year in the 2022-23 season, made the All-Star team during the 2023-24 campaign, and has gotten Orlando to the playoffs the past two seasons.

Now, the Magic are committing to him for the long haul. They've agreed to a five-year, $239 million maximum rookie contract extension with Banchero. If he makes an All-NBA team or wins MVP or Defensive Player of the Year next season, that contract would increase to $287 million over five years. Should that happen, Banchero will have the richest rookie contract extension in NBA history.

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The final year of the extension includes a player option, but the Magic are set for the foreseeable future. The team's main trio of Banchero, Franz Wagner, and Jalen Suggs are each locked into contracts for the next five seasons. Desmond Bane, who they acquired this offseason in a trade with the Memphis Grizzlies, is under contract through the 2028-29 campaign.

All of this only adds to the expectations for Banchero. He missed 34 games this past season with an oblique injury, but he set career highs in points per game (25.9) and rebounds per game (7.5) as the Magic earned the No. 7 seed. He's also just the third Magic player to average at least 25 points in a season, alongside Shaquille O'Neal and Tracy McGrady.

The Eastern Conference should be wide open this upcoming season. The Pacers and Celtics each lost their top players, the Knicks fired their coach despite their best finish in 25 years, and the Cavs and Pistons are both fairly unproven, despite strong seasons last year.

Orlando is unproven, too, but another year of this core together should bolster their chances of advancing further in the postseason. To this point of his career, Banchero has played like a No. 1 pick. Now, the Magic hope he can deliver the first championship to Orlando.