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The top three selections in the 2022 NBA Draft are getting paid.
The Orlando Magic announced a five-year, $239 million contract extension for Paolo Banchero, the No. 1 overall pick in the 2022 NBA Draft, on Monday. Banchero’s contract could be worth up to $287 million if he becomes eligible for a supermax deal.
The Oklahoma City Thunder and Chet Holmgren have agreed to a five-year maximum rookie contract extension that could be worth up to $250 million, according to ESPN. Holmgren was the No. 2 overall pick in the 2022 NBA Draft.
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Magic forward Paolo Banchero reacts after a play against the Atlanta Hawks at Kia Center on April 15, 2025, in Orlando, Florida. (Nathan Ray Seebeck-Imagn Images)
The No. 3 overall pick in the 2022 NBA Draft, Jabari Smith Jr., intends to sign a five-year, $122 million rookie contract extension with the Houston Rockets.
Banchero, 22, won rookie of the year in the 2022-2023 season and has improved in each of his three seasons in the league.
Banchero played 72 games in his rookie season and averaged 20 points and just under seven rebounds and 3.7 assists per game. In his second season. Banchero upped his scoring and assists averages.
The former Duke star averaged 22.6 points, 6.9 rebounds, and 5.4 assists across 80 games and was selected to the All-Star team.
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Orlando Magic forward Paolo Banchero drives to the basket against the Celtics during the NBA Playoffs at TD Garden on April 29, 2025, in Boston. (David Butler II-Imagn Images)
This past season, a torn oblique muscle limited him to 46 games, but Banchero shined in the games he played. Banchero averaged 25.9 points while bringing in 7.5 rebounds with 4.8 assists a game.
Banchero is the pillar of an ascending Magic team that has made the playoffs the last two seasons.
Holmgren, 23, was an integral part of the Thunder team that defeated the Indiana Pacers in the NBA Finals.
The former Gonzaga star played in all 23 of the team’s playoff games and had the highest plus-minus (+169) of any player in the playoffs this season, according to ESPN.
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Thunder forward Chet Holmgren celebrates after winning game seven of the NBA Finals against the Indiana Pacers at Paycom Center on June 22, 2025, in Oklahoma City. (Alonzo Adams-Imagn Images)
Holmgren missed his entire rookie season with a ligament tear in his right foot but played all 82 games the following season. He averaged 16.5 points, nearly eight rebounds, 2.4 assists and 2.3 blocks per game in his first season of NBA action.
The 7-foot-1 star played in just 32 regular-season games last season as he missed time with a pelvis injury, but still posted very similar numbers to his first year in the games he played. Holmgren averaged 15 points, eight rebounds, two assists, and over two blocks a game when he returned from injury.
Holmgren is a force on the Thunder’s strong defense, and is considered one of the best defenders in the league. With the contract extension handed out to Shai Gilgeous-Alexander, the Thunder have two of their best players signed long-term as they look to start a dynasty.
Smith, 22, is part of the young Rockets core that helped the team become the No. 2 seed in the Western Conference this season.
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Rockets forward Jabari Smith Jr. celebrates with guard Fred VanVleet after scoring against the Houston Rockets at Toyota Center on March 25, 2025, in Houston, Texas. (Troy Taormina-Imagn Images)
Smith has been a consistent player throughout his three seasons in the NBA. In 212 career games, the former Auburn star averaged 13 points, 7.5 rebounds, and 1.3 assists per game.
The Phoenix Suns reportedly tried to acquire Smith in the Kevin Durant trade, but the Rockets rebuffed requests to include him, according to ESPN.
With the addition of Durant to the Rockets’ core, the franchise hopes he can push them over the top to make a run deep into the playoffs.
The Associated Press contributed to this report.
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