Paolo Banchero Eyes Magic Contract Extension After 2025 NBA Playoff Appearance

Having established himself as the face of the franchise three years after being selected with the No. 1 pick in the 2022 NBA Draft, Paolo Banchero is looking forward to receiving a long-term extension from the Orlando Magic.
Speaking to reporters at his end-of-season press conference on Thursday, Banchero said he's "happy" to be part of the Magic and looks forward to "hopefully spending a lot more years here."
Negotiations between Banchero's camp and the Magic should go fairly quickly, with them putting a max deal on the table and him agreeing to it.
ESPN's Bobby Marks noted a max extension for Banchero would be $247 million over five years. This does put the Magic in a bit of a financial bind because last offseason they maxed out Franz Wagner (five years, $224.2 million) and extended Jalen Suggs (five years, $150.5 million).
Even though Banchero's extension wouldn't kick in until the 2026-27 season, Marks did write the Magic are only $1 million under the second apron for 2025-26 when you add in their two incoming first-round rookie contracts.
They could clear roughly $24 million in cap space by turning down team options for Mo Wagner, Gary Harris, Cory Joseph and Caleb Houstan. They also have several contracts on the books between $8-15 million that could be used to facilitate trades.
One thing the Magic have to do this summer is find scoring help, particularly three-point shooting and a lead guard to run the offense. They haven't finished higher than 21st in offensive rating since the 2011-12 season.
Magic president Jeff Weltman said they will be pursuing "proven offensive help" this summer.
Banchero is the driving force for everything in Orlando right now, but the lack of help around him as limited the ceiling for the organization. He scored at least 29 points in each of the Magic's first four games against the Boston Celtics in the playoffs, yet the team only scored 100 points once in the series.
The Magic have lost in the first round each of the last seven times they have made the playoffs dating back to the 2010-11 season.
An oblique injury limited Banchero to 46 games in the regular season. He averaged a career-high 25.9 points and 7.5 rebounds per contest to help the Magic earn the No. 7 seed in the Eastern Conference.