Dwight Howard has signed a waiver of his early termination option. The signing of the waiver effectively means that Howard will remain under contract with the Orlando Magic through the 2012-13 season.
Howard's contract with Orlando had included a player option, worth $19.2 million for the 2012-13 season. That money now becomes guaranteed, as Howard no longer has the right to opt out of his contract.
In a press conference announcing the trade, Magic CEO Alex Martins said, "We are happy to announce that Dwight Howard has decided to wavie his early termination opion.
"I want to thank Dwight for his loyalty," Martins added.
Howard said, "I'm glad this is finally over with."
Since a trade demand in the preseason, Howard's name has constantly been the center of rumors. The 7-1 center had told the Magic that he wanted to be traded to a short list of teams, including the Nets. The goal for Howard seemed to be to team up with star point guard Deron Williams when the Nets moved to Brooklyn.
On Wednesday, reports originally suggested that Howard told his teammates he planned on signing the wavier. Shortly thereafter, though, Howard's Orlando teammates told reporters that the earlier reports weren't true, and that Howard had simply told teammates he was "all in" to try to win a championship with the Magic this season, without making any promises about the following year.
Then, overnight, RealGM.com reported that Howard did plan to sign the waiver after all.