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.

Orlando Magic 22-year-old star forward Paolo Banchero has inked a contract extension set to keep him with the team through 2030, and now hopes to make history in leading the team to their first title.