Banchero has signed the richest contract in Magic history, the team announced Monday night. The five-year extension 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.

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.