The Orlando Magic have signed forward Paolo Banchero to a multi-year contract extension, the team announced Monday.
According to ESPN’s Shams Charania, it’s a five-year maximum rookie contract extension that could reach $287 million.
Last season, the 22-year-old Banchero, who missed time due to a torn oblique, averaged 25.9 points(career-high), 7.5 rebounds(career-high), and 4.8 assists per contest in 46 games. He became one of only three players 22 or younger in NBA history to compile 4,000+ points, 1,300+ rebounds, and 900+ assists during his first three pro seasons.
“We are thrilled to keep Paolo (Banchero) in a Magic uniform for years to come,” said Magic President of Basketball Operations Jeff Weltman in a press release. “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.”
Originally selected in the first round (first overall) of the 2022 NBA Draft by Orlando, Banchero has played and started in 198 career NBA regular season games, all with Orlando, averaging 22.4 points, 7.1 rebounds, and 4.6 assists per contest.
In his three seasons in Orlando, Banchero has left an indelible mark. He was named an NBA All-Star in 2023-24, won the 2022-23 NBA Rookie of the Year, and was the only player to be a unanimous selection to the 2022-23 NBA All-Rookie First Team.
Orlando has made significant strides in fortifying its team during the offseason. With the acquisitions of Desmond Bane, the re-signing of Moe Wagner, and the signing of Tyus Jones, the team’s roster is looking stronger than ever. And now, with their best player locked in, the team is poised to make a strong run in the East next season.
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