Price, 31, signed a two-year deal with the franchise last offseason. In 31 games with the team, Price averaged 2.4 points, 1.4 rebounds and 2.1 assists per game, while shooting 30.4 percent from the floor.
Waiving Price saves the Magic just over $1.3 million, as his contract was fully nonguaranteed if waived on or before July 10th.
The Magic now have 12 players officially under contract, with Gordon slated to be the 13th once he is allowed to sign following the NBA’s moratorium period. The Magic have one more nonguaranteed contract, Jason Maxiell, and will most likely waive the veteran forward in the coming days.