3:38pm: Smith's deal is for three years, but only the first year is guaranteed, tweets Brian Schmitz of the Orlando Sentinel.
12:07pm: The Magic have re-signed point guard Ish Smith, the team announced today in a press release. Terms of the deal aren't known, so it's not clear whether Smith received a full guarantee, or whether he'll just be invited to training camp with a chance to earn a roster spot.
Earlier this month, the Magic were reportedly seeking a third point guard to provide depth behind Jameer Nelson and Chris Duhon, with Smith mentioned as a candidate. Of course, Duhon was since traded to the Lakers in the Dwight Howard blockbuster, and none of the six players Orlando received in the deal are point guards. While that should bode well for Smith's chances of landing a spot on the team, it also means the Magic are probably still in the market for another backup behind Nelson.
Smith, 24, has already played for the Rockets, Grizzlies, Warriors, and Magic in just two NBA seasons, but finished the 2011/12 season in Orlando, playing 8.6 minutes per game in 20 contests for the Magic.