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.

NBA free agency officially opened on June 30, and teams have already secured deals with some of the biggest names on the open market.