Paolo Banchero just locked up $239 million from the Orlando Magic. The former Duke star’s massive payday makes him the highest-paid player in franchise history and shows just how much the Magic believe in their young cornerstone.
What Does Banchero’s Contract Extension Mean for Orlando?
Since joining the Orlando Magic as the No. 1 overall pick in the 2022 draft, Banchero has delivered consistent performances across his first three seasons. In the 2024-25 campaign, he appeared in only 46 games due to injury. Despite missing time, Banchero posted averages of 25.9 points, 7.5 rebounds, and 4.8 assists per game.
Given those numbers and his growing leadership role, it’s easy to see why Orlando’s front office felt confident in offering him this monster payday. The extension reportedly represents the richest deal in franchise history, cementing Banchero as the face of the Magic’s future.
Banchero was previously on a standard four-year rookie scale contract after being drafted. Under that deal, he was set to earn approximately $15.3 million in the 2025-26 season, which started at $11.05 million from his rookie year. However, the new extension not only guarantees more than four times his total rookie earnings but also places him among the top earners in the league.
How Much Money Will Banchero Make Under His New Deal?
Banchero and the Magic have agreed to a massive five-year contract extension worth $239 million. It’s the largest deal possible for a player coming off a rookie contract. Plus, the contract includes an interesting clause.
If he’s selected to an All-NBA team, the deal could increase to $287 million. The extension also features a player option, allowing Banchero to decide whether he wants to stay with the team or test free agency.
ESPN’s Shams Charania reports, “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. The deal includes a player option, the first for a rookie max since 2021 (Luka Doncic, Trae Young).”
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 exact year-by-year figures haven’t been released yet. However, the average annual value of base salary is approximately $47.8 million, with the possibility of exceeding $57 million per season if incentive thresholds are met. Otherwise, it is expected to start at $41 million and reach up to $54 million by the 2030-31 season.
What Is Paolo Banchero’s Current Net Worth?
Essentially Sports estimates Banchero’s net worth to be between $2 and $5 million. Once his new contract kicks in, his net worth should rise quickly. It will likely skyrocket into the nine-figure range ($100M+), if he stays healthy and hits incentives.
Additionally, the former Duke star is already seeing gains off the court thanks to endorsement deals. Jordan Brand recently collaborated with him to release a signature Heir Series PE. These types of brand partnerships will continue to boost his income and visibility across the league.
So right now, his net worth isn’t something to flex about, but it’s clearly heading upward. In the next few years, it wouldn’t be a surprise if he reaches the $100 million mark.
