Banchero will accrue base earnings of $239 million over the life of the contract, according to Charania, and his salary can reach the supermax level if he makes an All-NBA team or the All-Defensive team, or if he wins the MVP or Defensive Player of the Year awards next season.

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.