The Orlando Magic and star forward Paolo Banchero have reached an agreement on a five-year maximum rookie contract extension that could be worth up to $287 million, ESPN's Shams C

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 Orlando Magic made Paolo Banchero their franchise cornerstone when they selected him with the No. 1 overall pick of the 2022 NBA draft, and they further committed to him on Monday with a new contract.