The 22-year-old American, selected first overall in the 2022 NBA Draft, could earn as much as $287 million from the contract, according to reports from ESPN, The Athletic, and the Orlando Sentinel.
Banchero suffered a torn oblique and was sidelined for two months during the 2024-25 NBA season, yet he still managed to achieve career-high averages of 25.9 points, 7.5 rebounds, and 4.6 assists.
Banchero can increase his earnings by being named NBA Most Valuable Player or Defensive Player of the Year next season, or by being selected for an All-NBA or All-Defensive team.
According to reports, Banchero will also have a player option for the 2030-31 season.
The Magic will retain their core talent - Banchero, Franz Wagner and Jalen Suggs - under contract for the upcoming five seasons.
Orlando has also secured guard Desmond Bane, acquired in a trade with Memphis last month, who is signed through the 2028-29 season.
Banchero, the 2023 NBA Rookie of the Year, has averaged 22.4 points, 7.1 rebounds, and 4.6 assists per game over three seasons with the Magic.
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