The Orlando Magic and star forward Paolo Banchero have reached an agreement on a five-year maximum rookie contract extension that could be worth up to $287 million, ESPN's Shams C

The Orlando Magic will find themselves going deep into the luxury tax after offering Paolo Banchero a sizeable contract extension. With an investment in the future, we examine the team's luxury tax outlook for the upcoming season.

The Orlando Magic made Paolo Banchero their franchise cornerstone when they selected him with the No. 1 overall pick of the 2022 NBA draft, and they further committed to him on Monday with a new contract.