Paolo Banchero has checked a lot of boxes since joining the Orlando Magic. Won rookie of the year, been an All-Star, helped the team to the playoffs twice.
And now, the Magic are betting on there being more - much more.
Banchero has signed the richest contract in Magic history, the team announced Monday night. The five-year extension is worth 239 million and could reach about 287 million should he become eligible for a supermax deal, a person with knowledge of the agreement said.
The person spoke to The Associated Press on condition of anonymity because the terms were not revealed by either Banchero or the Magic. ESPN, which first reported the agreement, said it also included a player option for the final year.
"We are thrilled to keep Paolo in a Magic uniform for years to come," Magic president of basketball operations Jeff Weltman said. "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."