Phil Jackson could be looking at a return to the NBA. (Getty Images)
It would have been a game changer for the Magic. It could have saved face, their relationship with Dwight Howard, their ability to sign free agents, everything. It would have forver shifted the NBA and caused another rift in the continuum of the Eastern Conference. 

If only.

Brian Schmidt of the Orlando Sentinel reported in a column Thursday night that former Lakers and Bulls coach, Hall-of-Famer Phil Jackson pulled out of a proposal that would have inserted him as general manager and head of the Orlando Magic, as part of a package with a "former All-Star" as head coach. 

For the past few days, Phil Jackson was interested in the possibility of joining the Magic's front office.

Then, late Thursday afternoon, Jackson bowed out.

Magic CEO Alex Martins was formally presented on Wednesday with a scenario involving Jackson by Sam Vincent, who played for the Magic and Jackson.

"It drew some interest from Phil," Vincent said. "But in the end, Phil decided to go with another opportunity."

Jackson is apparently headed back to the NBA in some capacity, but he pulled out here before Martins had a chance to run it by owner Rich DeVos. Martins learned of Jackson's exit Thursday, but would not comment.

via Orlando Magic: Former NBA coaching great Phil Jackson no longer in Magic mix - Orlando Sentinel.

Maybe the biggest news out of this is that Jackson is intersted interested in "another opportunity." Jackson returning to any capacity would be huge. It's hard to see what opportunity is available, however, with Portland unlikely to want to pay Jackson his asking price and most of the other spots locked up. 

For the Magic, it shows that they're swinging for the fences, or at least trying to make it seem like it. Even being open to this possibility shows something. But this was orchestrated by former Bobcats coach Sam Vincent, who was trying to put the two sides together (and insert himself as an assistant). The question of who the former player and all-star mentioned in the story is baffling. Scotty Pippen is mentioned, but could Pippen really take over as a head coach? The other option here is that the Magic are pumping up their position trying to make it seem more valuable than it really is. They haven't exactly slam dunked this thing.

Jackson has taken the last year off following his retirement as coach of the Los Angeles Lakers after their sweep in the second round vs. the Mavericks in 2011. Ken Berger of CBSSports.com reported two weeks ago that Jackson "has the itch" to coach again, according to sources. 

Lot of intrigue in the Magic's rebuilding process, and all the while, the Dwight Howard quetion lingers.