Paolo Banchero has agreed to the richest contract in Orlando Magic history. According to a person with knowledge of the agreement, his five-year extension is worth $239 million and could reach about $287 million should he become eligible for a supermax deal.

The contract extension will begin with the 2026-27 season and will run through 2030-31, including a player option.

The Orlando Magic and NBA All-Star Paolo Banchero have agreed on a maximum contract extension that could be worth as much as $287 million over five seasons, according to ESPN's Shams Charania. The deal includes a player option.