Major Magic news revealed on Monday.
Magic's Massive $287 Million Move Revealed on Monday originally appeared on Athlon Sports.
The Orlando Magic's hot offseason is continuing after major news was announced on Monday. Orlando struck first when it came to the initial significant move of the NBA offseason by acquiring Desmond Bane in a blockbuster deal with the Memphis Grizzlies.
The Magic followed up this move by adding more shooting with the selection of Michigan State standout guard Jase Richardson in the 2025 NBA draft. Additionally, the Magic poached veteran point guard Tyus Jones away from the Phoenix Suns.
Orlando is now in the phase of the NBA offseason where the front office is taking care of their own players. This started when the Magic re-signed center Mo Wagner in free agency, likely to the delight of his brother Franz Wagner.
Now, Orlando is solidifying the future of the franchise by inking Paolo Banchero to lucrative new contract extension which could be worth as much as $287 million over five years.
Franz and Paolo last season:
— StatMuse (@statmuse) July 7, 2025
50.1 PPG
13.2 RPG
9.5 APG
2.1 SPG
How many East duos are better next season? pic.twitter.com/6jztkyOqsQ
"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," ESPN's Shams Charania detailed on X on Monday. "Deal includes a player option; the first for a rookie max since 2021 (Luka Doncic, Trae Young)."
Banchero's previous four-year, $50 million rookie deal was slated to go through the 2025-26 season. Now, Banchero is under contract with the Magic through the 2030-31 season, but the star does have a player option for the final season.
This cements the Magic core of Banchero, Franz Wagner and Jalen Suggs now all under contract for the next five years. https://t.co/euLhBzPy4o
— Shams Charania (@ShamsCharania) July 7, 2025
Orlando now has Banchero, Wagner and Jalen Suggs all signed to long-term contracts and looks to be a potential threat in the Eastern Conference.
Related: Desmond Bane Caught on Video Reacting to Thunder’s NBA Championship
This story was originally reported by Athlon Sports on Jul 7, 2025, where it first appeared.
Category: Basketball
