Report: Magic rescind qualifying offer to E'Twaun Moore, making him a UFA

The Orlando Magic have made 25-year-old point guard E'Twaun Moore an unrestricted free agent by rescinding the qualifying offer that would have made him a restricted free agent.

This comes according to a report from ESPN's Marc Stein, who cites the team's selection of guard Elfrid Payton in Thursday's NBA Draft as the reason behind the move.

Moore's qualifying offer was for $1.15 million, nearly $200,000 more than the league minimum for his three years of service time, so this could result in a small pay cut for Moore. It may improve his chances of securing a deal on the open market, however, as teams won't have to worry about the Magic waiting three days to match, tying up cap space in the interim.

Moore is coming off a season in which he averaged 6.3 points and 1.4 assists in 19.1 minutes off the bench for the Magic, checking in well below the league-average in terms of efficiency. He should still find a home due to his youth and defense.

[Contract data courtesy ShamSports]