RealGM

Updated 1/10 with DeWayne Dedmon becoming fully guaranteed.

Current Cap Space: $7,048,025.00
Maximum Cap Space: $7,048,025.00 (if all options/guarantees were not picked up, all FAs renounced, no draft picks were to be signed this season, and all Exceptions were renounced)
Luxury Tax Space: $20,713,264.00
Tax Apron Space: $24,713,264.00
2015-2016 Maximum Cap Space: $24,678,762.00

How I got there:

Guaranteed Contracts (15): DeWayne Dedmon, Evan Fournier, Channing Frye, Aaron Gordon, Ben Gordon, Willie Green, Maurice Harkless, Tobias Harris, Devyn Marble, Andrew Nicholson, Victor Oladipo, Kyle O'Quinn, Elfrid Payton, Luke Ridnour, Nikola Vucevic

Partial/Non-Guaranteed Contracts Kept to date (0): None

Carried Money (8): Kadeem Batts ($150,000.00), Drew Crawford ($75,000.00), Seth Curry ($150,000.00), Glenn Davis ($6,600,000.00), Al Harrington ($3,804,900.00), Jameer Nelson ($2,000,000.00), Anthony Randolph ($1,825,359.00), Peyton Siva ($100,000.00)

FA Cap Holds (1): Jeremy Richardson

Draft Pick Holds (0): (Fran Vazquez removed due to signing outside NBA)

Current Exceptions: Room Exception at $2,732,000.00. No BAE due to being under the cap. No TPEs.

I should have mentioned, if the Magic seem to have a bit less space than you might think, they are carrying $6,600,000.00 for Glen Davis and $3,804,900.00 for Al Harrington in dead money. It obviously doesn't cripple them by any means, but I know those two figures are often forgotten when people look at space for the Magic this offseason.

Magic's cap space is being saved for their own young players. Harris and Vucevic are already eligible for extension.

Updated OP on 6/2.

Yea this year is an additional development year. Trade some assets to acquire better ones, ie Affalo. The 2015 year might be the year we splash in the FA market, unless we've spent the majority extending our current young talent.

Updated OP on 6/26 to reflect trade with Denver.

Updated OP on 6/27 to reflect Draft moves.

Updated OP on 6/30 to reflect Moore not getting a QO and Lamb being waived.

Updated OP on 6/30 to reflect team waiving Jameer Nelson.

Updated OP on 7/2 to reflect current standing.

Updated OP on 7/3 to reflect signings of Aaron Gordon, Ben Gordon, and Elfrid Payton and release of Ronnie Price.

Updated OP on 7/5 to reflect waiving of Jason Maxiell.

Updated OP on 7/7 to reflect signing of Channing Frye

Updated OP on 7/10 with official Cap and Tax Apron Numbers.

Updated OP on 7/15 with Anthony Randolph trade and Kyle O'Quinn becoming Fully Guaranteed.

Don't the Magic get $ credit back from whatever another team pays the guys they waived?

A BETTER DJ wrote:Don't the Magic get $ credit back from whatever another team pays the guys they waived?

Only if they were claimed during the waiver process. This is as it applies to Cap Space. There is a more complicated answer for actual payments and reaching the salary floor and the like.

Considering none of the Magic players that were waived last year or this year have been claimed, they are on the hook for all the guaranteed money owed to their former players.

Updated OP on 7/17 with official numbers for Channing Frye, signing of Luke Ridnour and waiving of Anthony Randolph.

Updated OP on 7/25 with signing of Devyn Marble.

Updated OP on 7/29 with updated numbers for Luke Ridnour.