Report: KCP joining Magic on 3-year, $66M deal

The Orlando Magic are signing guard Kentavious Caldwell-Pope to a three-year contract, Jeff Zillgitt of USA Today reports.

Caldwell-Pope's deal is worth $66 million, sources told ESPN's Adrian Wojnarowski. The third year of the contract is a player option, sources told Shams Charania of The Athletic.

Caldwell-Pope spent the last two seasons with the Denver Nuggets and was a critical component of their 2022-23 championship club. He averaged 10.4 points, 2.6 rebounds, and 2.4 assists per game while shooting over 46% from the field and 41.5% from three-point range during his time in Denver.

The 31-year-old will form half of a much-improved Magic backcourt alongside Jalen Suggs. He'll also help an Orlando squad that struggled from behind the arc in 2023-24, ranking 24th in three-point percentage and 29th in three-point attempts.

Orlando is looking to build on last year's turnaround campaign in which the club returned to the playoffs for the first time in four years, ultimately losing in the first round.