JULY 14TH, 9:17am: The deal is official, the team announced via press release.
JULY 7TH, 3:09pm: The Magic will sign Jason Smith, his agency, Priority Sports says (Twitter link). It’s a one-year, $4.3MM deal, as Shams Charania of RealGM hears (Twitter link). His agent tells Adam Zagoria of SNY.tv it’s for $4.5MM (Twitter link). Either way, the Magic appear to be using some of their cap space to exceed the $3,933,600 the Knicks could have used to retain the Mark Bartelstein client using his Non-Bird rights. The Knicks are taking in Kyle O’Quinn from the Magic via sign-and-trade, but it doesn’t look like the Smith signing will be part of that transaction.
Smith wanted to return to New York, which signed him to a one-year deal last summer, and while team president Phil Jackson reportedly liked the idea, and the sides spoke this month, but it wasn’t clear whether the Knicks would offer more than the $2.814MM room exception. The Lakers also apparently expressed interest.
The Magic have reached deals with Smith, C.J. Watson and Tobias Harris after missing out on Paul Millsap. The 7’0″ Smith swings between center and power forward and started a career-high 31 games this past season.