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Report: Magic signing D.J. Augustin to four-year, $29 million contract

Oklahoma City Thunder v Denver Nuggets

DENVER, COLORADO - APRIL 05: D.J. Augustin #12 of the Denver Nuggets controls the ball against Randy Foye #6 of the Oklahoma City Thunder at Pepsi Center on April 5, 2016 in Denver, Colorado. The Thunder defeated the Nuggets 124-102. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Doug Pensinger/Getty Images)

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Update: Chris Broussard of ESPN:

That sure isn’t cheap, but there are more teams that need a point guard than solid point guards available. The Magic ensured they got one.

The Magic practically gave away Tobias Harris and Channing Frye at the trade deadline to clear cap space.

The early returns -- if you don’t count Serge Ibaka, who was acquired in a fairly cost-neutral trade -- are a couple middle-of-the-road backup guards.

First, Jodie Meeks.

Now, D.J. Augustin.

Adrian Wojnarowski of Yahoo Sports:

The 28-year-old Augustin is a solid point guard -- when he gets enough minutes to be comfortable. But he’s not good enough to start for most teams, including the Magic, who are invested in Elfrid Payton. So, it’s a catch-22.

At least Orlando coach Frank Vogel should know how to use Augustin. Vogel coached Augustin with the Pacers.