Banchero averaged 25.9 points and 7.5 rebounds per game last season. He turns 23 in November and was the No. 1 overall pick in the 2022 NBA Draft out of Duke. The Magic were eliminated by the Boston Celtics in the first round of the 2025 NBA Playoffs.

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,