Will Guillory of The Athletic first reported that New Orleans would be signing Cannady, noting (via Twitter) that the 27-year-old wouldn’t be participating in training camp due to a previous commitment to USA Basketball.
Cannady, 27, appeared in 13 NBA regular season games as a member of the Magic from 2021-22, averaging 6.5 points in 16.8 minutes per night with a shooting line of .361/.396/.786.
Since going undrafted out of Princeton in 2019, he has primarily played in the G League, spending time with the Long Island Nets, Lakeland Magic, and South Bay Lakers. He helped lead Lakeland to an NBAGL title in 2021, earning a G League Finals MVP award.
Appearing in a total of 48 regular season and Showcase Cup contests for South Bay last season, Cannady averaged 12.6 points, 2.7 rebounds, and 2.5 assists in 30.1 minutes per game. His shooting line was .412/.360/.881.
The fact that New Orleans cut Cannady so quickly after signing him signals that he likely received an Exhibit 10 contract, which will make him eligible for a bonus worth up to $75K if he spends at least 60 days with the Pelicans’ G League team, the Birmingham Squadron. However, his returning rights are still held by South Bay for now, so the Squadron will need to make a trade to acquire them.