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.

If Banchero is either named to an All-NBA team or wins NBA MVP or Defensive Player of the Year next season, the extension could reach $287 million, per Miller.

Banchero’s deal includes a player option in 2030-31, which has not happened since Luka Doncic (then with the Dallas Mavericks) and the Atlanta Hawks’ Trae Young finished out their rookie max contracts in 2021.

The Magic appear poised to be serious contenders in the Eastern Conference for the foreseeable future, with Franz Wagner and Jalen Suggs also under contract for the next five seasons, newcomer Desmond Bane signed through the 2028-29 season and Tyus Jones joining on a one-year deal.

Banchero, the No. 1 overall pick in the 2022 draft, has guided the franchise to two consecutive postseason appearances, despite missing 34 games last season with an early oblique injury. After the All-Star break, he carried the Magic with averages of 29.0 points, 7.8 rebounds and 4.5 assists.

He is also coming off a campaign in which he averaged career-high 25.9 points and 7.5 rebounds per game along with 4.8 assists, becoming just the third Magic player to average more than 25 ppg (Shaquille O’Neal, Tracy McGrady).

Over his three seasons, the 2022-23 NBA Rookie of the Year and 2023-24 All-Star has averaged 22.4 points, 7.1 rebounds and 4.6 assists in 198 games (all starts).