C.J. Watson: Waived by Magic

Watson has been waived by the Magic, Chris Haynes of ESPN.com reports.

Watson was slated to make $5 million during the upcoming season, but by releasing him, the Magic will only be on the hook for $1 million of his salary. The 33-year-old veteran played a minor bench role for Orlando last season, averaging 4.5 points, 1.4 rebounds and 1.8 assists across 16.3 minutes. He should field interest as a potential veteran mentor elsewhere in the league, but he'll likely be stuck in a deep reserve role no matter where he lands, which should severely restrict his fantasy value.