Some are surprised the Magic did indeed match the offer. Considering the Magic are over the cap, this move will cost them twice the actual salary once luxury taxes are applied. Paying $12 million a year for a sixth man shows a serious commitment to winning. Otis Smith did receive the green light from owner Rich DeVos last year to spend as much money "as necessary" to win.
Redick will enter his fifth season as a pro this year, and he has spent his entire career thus far in Orlando. Considering the fact that they could not deal him to Chicago until after an entire year, it only increases the likelihood that Redick will remain in a Magic uniform for years to come.
This can only be viewed as a sign that Smith and head coach Stan Van Gundy believe Redick will eventually be an NBA starter, probably following either the trade or retirement of current starter Vince Carter.
Following the Quentin Richardson signing, I doubted this announcement would come, but surprisingly to many Magic fans, it did. Redick being a huge fan favorite may have played a role, too, as many Magic fans are excited he'll be back next season.