2:11pm: The move is official, the Magic announced in a press release.
Schofield had been on a two-way deal since re-signing with Orlando last July. The new agreement will promote him to the 15-man roster with no corresponding move necessary, since the Magic are currently carrying only 14 players on standard contracts.
A second-round pick in 2019 out of Tennessee, Schofield began his professional career with the Wizards but has spent most of the last two seasons with the Magic, providing depth in Orlando’s frontcourt. In 2022/23, he has averaged 4.6 PPG and 1.9 RPG in 27 appearances (13.0 MPG), while posting career-best shooting marks (.478/.333/.895).
The exact terms of Schofield’s new deal aren’t known, but it’s unlikely to include much – if any – guaranteed money beyond this season. A minimum-salary contract seems probable, but the Magic do have an unused portion of their mid-level exception available if they want to give the 25-year-old more than the minimum.