Magic Rumors: Gary Harris, Cory Joseph Contract Options Declined

After acquiring Desmond Bane from the Memphis Grizzlies, the Orlando Magic reportedly declined Gary Harris and Cory Joseph’s team options for the 2025-26 season ahead of free agency. Harris’ option was worth $7.5 million while Joseph’s was valued at $3.47 million.

Orlando Magic Are Looking To Trim Salary Following Desmond Bane Trade

The Magic are planning to reduce salary following the addition of Bane, who Memphis traded to Orlando for Kentavious Caldwell-Pope, Cole Anthony, four unprotected first-round picks, and one first-round pick swap.

In addition, Orlando sent Memphis the No. 16 pick in the 2025 NBA draft, its 2026 first-round pick (which includes swap rights with the Phoenix Suns or Washington Wizards), and its 2028 and 2030 unprotected first-round selections. The pick swap is top-two protected in 2029.

Per Spotrac, Bane is slated to earn $36.73 million next season. Before declining Harris and Joseph’s options, the Magic were $6.66 million over the first apron and had just $5.22 million in second apron space.

Magic Declined Harris, Joseph’s Options To Upgrade Roster

Declining Harris and Joseph’s options gives Orlando more flexibility for free agency.

Harris, 30, was traded from the Denver Nuggets to the Magic five years ago. The 11-year veteran has seen his role in Orlando decrease gradually over the past few seasons. He averaged only 3.0 points per game this campaign after averaging double-digit points in his first two seasons with the Magic.

Meanwhile, Joseph entered the league in 2011 but joined Orlando last season. The 33-year-old logged just 3.5 points and 12.2 minutes in 50 games (16 starts) this campaign.

Orlando Has Team Options For Mortiz Wagner, Caleb Houstan

The Magic also have team options for Moritz Wagner and Caleb Houstan.

Wagner suffered a season-ending ACL tear last December. At the time of his injury, he had played in all 30 games (one start) with Orlando, averaging 12.9 points, 4.9 rebounds, and 1.4 assists. Before his injury, Wagner also ranked second in the NBA in points scored off the bench (372) and 15th in field goal percentage (56.2%).

As for Houstan, the 6-foot-8 wing was selected in the second round in 2022. Houstan averaged 14 minutes per game his first two seasons, but after the All-Star break, he saw his minutes increase to nearly 17 per game. The Michigan product finished the second half of the season shooting a career-high 54.1% from the field and 50.7% on 3-pointers.

Wagner’s option would pay him $11 million next season, while Houstan’s option is worth just $2.19 million. Orlando has until June 29 to exercise the options.

Magic Needed A Sharpshooter After Long-Range Struggles

The Magic sacrificed much of their future in the recent trade, and the Bane trade could potentially pay off. Orlando became the first team this season since the 2016-17 Oklahoma City Thunder to rank last in 3-point percentage and reach the postseason.

Bane’s addition should enhance the Magic’s offensive capabilities. He’s a career 41% shooter from 3-point territory and shot 39.2% from deep in 69 games (68 starts) with Memphis this season.

Orlando also had an injury-plagued roster this campaign with their three best players Paolo Banchero, Franz Wagner, and Jalen Suggs all missing significant time with injuries. The team can start over fresh in 2025-26.

The Magic now have a chance to compete for a title with a core of Banchero, Wagner, and Bane.