The Orlando Magic announced on Monday that they have completed a contract extension with Paul Bankero. According to team policy, the specific terms of the contract were not disclosed.

ESPN reporter Shams Charanie added that the two sides signed a five-year, $239 million designated rookie contract. If Banchero wins the MVP, DPOY or All-NBA Team in the 2025/26 season, his contract can reach up to $287 million.

Shams Charanie also pointed out that Banchero's contract includes a player option for the 2030/31 season.

Regarding the decision to renew Bankero's contract, Magic President of Basketball Operations Jeff Weltman explained: "We are very happy to have Paul (Bankero) continue to wear the Magic jersey for many years to come. At only 22 years old, he has won the NBA Rookie of the Year, was selected to the All-Star team, and is widely regarded as one of the most dazzling young stars in the league."

"This extension reflects our unwavering confidence in Paul's talent, character and desire to win on the highest stage, as well as his commitment to the franchise, our fans and the city of Orlando. We look forward to continuing this journey with him."

The 22-year-old Bankero mainly plays as a power forward and was selected by the Magic as the No. 1 pick in June 2022. So far, he has played 198 regular season games for the Magic, averaging 22.4 points, 7.1 rebounds and 4.6 assists per game, with a shooting percentage of 44.5% and a three-point shooting percentage of 32.0%, helping the team advance to the playoffs for two consecutive seasons.

In the playoffs, Bankero played 12 times, averaging 28.0 points, 8.5 rebounds and 4.1 assists per game, with a shooting percentage of 44.7% and a three-point shooting percentage of 41.8%.