MONDAY, 10:08am: Ish Smith is expected to take part in training camp with the Magic, tweets HoopsWorld's Steve Kyler, though no deal between Smith and the club has been reported. Smith spent the latter part of 2011/12 with the Magic after signing in February for the rest of the season.
SATURDAY, 4:26pm: Josh Robbins of the Orlando Sentinel breaks down the remaining offseason priorities for the Magic. Resolving the Dwight Howard situation is high on the list, of course, but so is finding a third point guard to slot behind Jameer Nelson and Chris Duhon. Robbins says the team will "definitely" have another point guard on the roster by the start of the season, and adds that bringing back Ish Smith to compete with Duhon for the backup role is a possibility.
The Magic have the full $5MM mid-level exception at their disposal, but it's doubtful they'd use all of it sign someone from the paltry list of remaining unrestricted free agent point guards. No restricted free agent point guard are left. They could go with a veteran option, like Mike Bibby or Jannero Pargo, or turn to a younger player like Jonny Flynn or Armon Johnson. Gilbert Arenas is still on the market, but since the Magic used the amnesty clause to waive him before the start of last season, he's ineligible to sign with the team until 2014/15, after his contract with the Magic was to have expired.
Sundiata Gaines, who averaged 5.1 points and 2.2 assists in 13.9 minutes as a backup for the Nets last season, could be the best option. He's the only unsigned free agent point guard who put up a PER of at least 15.0, the mark of an average player. That's decidedly better than the 5.6 and 8.4 PERs Duhon has compiled in his two seasons with the Magic after signing a four-year, $13.25MM contract. Still, all of this is just my speculation, as the Magic haven't been linked to any of these options.
The Magic could also acquire a point guard via trade, but it seems like any such move would be on the backburner until the team figures out what it's going to do with Howard.