Paolo Banchero has agreed to the richest contract in Orlando Magic history, a five-year extension that 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 Monday.

To officially sign Myles Turner, the Bucks needed to create some cap space. They did that by waiving nine-time All-Star point guard Damian Lillard and Vasilije Micić, two moves that became official Monday.

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.