Contract terms between Paolo Banchero, Orlando Magic revealed as No. 1 pick in 2022 NBA Draft

The Orlando Magic made a slight surprise last night when they selected Duke forward Paolo Banchero with the No. 1 pick in the 2022 NBA Draft. Although Banchero is a more than qualified candidate, the Magic appeared as if they’d zeroed in on either Auburn’s Jabari Smith or Gonzaga’s Chet Holmgren.

The surprise will be to Banchero’s benefit, though. To start, he becomes the fifth Blue Devil to be selected No. 1 and third since 2011. From there, he’ll sign a substantial deal worthy of a top selection.

Per Spotrac’s Michael Ginnitti, Banchero will sign a two-year contract that comes with two team options. The first two years start at $22.3 million and the options will be worth a total of $27.1 million. In total, Banchero’s full contract should be set for four years, $49.4 million.

Banchero was No. 3 in On3’s 2021 Consensus Top Basketball Recruits Rankings. He then committed to Duke to play for Mike Krzyzewski’s final team. Banchero averaged 17.2 points and 7.8 rebounds in 39 appearances for the Blue Devils. He was named First Team All ACC and the ACC Rookie of the Year during his freshman campaign. Banchero helped lead Duke to the Final Four as he was named to his All-Region Team and the NCAA All-Tournament Team.

While $49.4 million is nothing to stick your nose up at, it’s a finite amount compared to the max contracts of the NBA today. Even so, Banchero will earn the most from his draft class to start with a profit compared to Stephen Curry’s 22-23 earnings.

Paolo Banchero ($49.4M) will be the only player drafted tonight who will earn more over the next 4 years than Steph Curry ($48M) will earn in the 22-23 season.

— Spotrac (@spotrac) June 24, 2022

Orlando got their guy with the top selection. With Banchero expected to sign his contract in the very near future, he’ll make his first appearance with the franchise when the Magic head to Las Vegas for the NBA Summer League starting July 7th.