5:46pm: The re-signing of Schofield to a two-way deal is now official, per a Magic press release (Twitter link).
A second-round pick in 2019 out of Tennessee, Schofield began his professional career with the Wizards but spent most of the past two seasons with the Magic, providing depth in Orlando’s frontcourt.
In 2022/23, he averaged 4.2 PPG and 1.7 RPG on .451/.324/.913 shooting in 37 games (12.2 MPG).
The 26-year-old had been on a two-way contract for most of his time with Orlando until he was promoted to a standard deal in February. His multiyear contract included a team option for ’23/24, which the Magic declined in late June, making Schofield an unrestricted free agent.
NBA teams are permitted to roster 21 players in the offseason as opposed to 18 once the regular season begins(15 on standard deals and three two-way contracts).