JULY 7, 12:27pm: The Magic continue to finalize their agreements from the moratorium, announcing today (via Twitter) that Augustin has officially signed his new contract.
JULY 1, 10:30am: Augustin’s pact will be for four years and worth $29MM, Chris Broussard of ESPN.com reports (on Twitter).
Augustin, 28, split his time between Oklahoma City and Denver last season, after a deadline deal sent him from the Thunder to the Nuggets. In total, he appeared in 62 games, averaging 7.5 points and 3.2 assists in a part-time role. He was also his usual dependable self from three-point range, shooting 40.5% from downtown.
C.J. Watson was Orlando’s veteran backup at the point guard spot down the stretch last season, but with Brandon Jennings expected to depart in free agency, it makes sense for the Magic to add some more depth at the position to help complement Elfrid Payton.