Khobi Price of The Orlando Sentinel was the first to report that Schofield was sticking with the Magic (Twitter link). The 25-year-old forward was issued a one-year, two-way qualifying offer in June to make him a restricted free agent, so he likely just accepted that QO.
The 42nd pick of the 2019 draft, Schofield spent his rookie season with the Wizards, appearing in 33 games (11.2 MPG) with modest averages of 3.0 PPG and 1.4 RPG. He was traded to the Thunder in the 2020 offseason and subsequently waived.
Schofield signed an Exhibit 10 deal with the Magic last year, was waived before the season started, and spent the first few months of 2021/22 with Orlando’s affiliate in Lakeland before signing a couple of 10-day hardship deals during the winter COVID-19 outbreak.
He performed well enough to be promoted to a two-way contract in January, which he remained on until the end of the season. In 38 games (12.3 MPG) with the Magic last season, he averaged 3.8 PPG and 2.3 RPG on .419/.329/.800 shooting.
The Magic now have one of their two-way slots filled, but the second remains open.