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No, the Magic are not favorites in the East by any means, but they are still going to win over 50 games, and they are one good trade away from being back to where they were in 2008-2009.
The Magic have a good balance of veteran and young players, but it all comes back to one player—Gilbert Arenas.
If Arenas can just be a 18 and seven kind of guy, the Magic are instantly better team. Many people have written Arenas off, and I wouldn't just yet.
Bottom line is, Dwight's on a contending team already in the NBA, even if they are one or two moves away from being real title contenders, but nearly any team Howard would be traded too would lose so much to attain Howard that they may or may not end up better in the long-run—look at the New York Knicks.