Magic and Paolo Banchero agree on a 5-year extension. Total value could reach $287 million

Paolo Banchero has agreed to the richest contract in Orlando Magic history, a five-year extension that 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 Monday. The person spoke to The Associated Press on condition of anonymity because the signing had not been announced by either Banchero or the Magic. The agreement means the Magic have four players — Banchero, Franz Wagner, Jalen Suggs and the newly acquired Desmond Bane — under contract for the next four seasons.