According to reports out of Orlando, the Magic have decided to match the three-year, $19 million offer sheet the Bulls signed guard J.J. Redick to last week.
The Magic have called a news conference for Friday where they are expected to make the official announcement. The fact that Magic will match the offer is a bit of a surprise because of their financial situation.
With that in mind, the Bulls front-loaded the contract to discourage Orlando from matching. Redick's salary cap figure this season (salary and signing bonus) will be in the $7.5 million to $8 million range, so matching the offer would push Orlando's payroll over $90 million, which would be the highest in the NBA.
With the luxury-tax threshold set at around $70 million, the Magic -- who still have to sign at least one more player -- will have a hefty tax bill of more than $20 million if they match the Redick offer.
Orlando management, though, doesn't want to loose Redick after investing four years in his development.