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.

The Orlando Magic are locking up cornerstone player Paolo Banchero, agreeing to a five-year, $239 million maximum rookie extension with the star forward on Monday, his agent told ESPN.