The move will facilitate the addition of point guard Shelvin Mack, who signed a two-year, $12 million deal with the team on Friday.
Watson played in only 95 combined games throughout his two-season stint with the Magic, now feeling the effects of the injuries suffered throughout the latter part of his 10-year career.
The Tennessee alum only mustered 4.5 points, 1.8 assists, and 1.4 rebounds per game during his last season with the franchise, shooting a combined 36 percent from the field during his two seasons Orlando.
Watson’s numbers and performances throughout his recent years aren’t likely to help him land a role on an NBA team, unless it is to fill up a last-minute vacancy and fill out a roster closer to the start of the season.
Orlando’s roster now boasts three point guards as they did before, with Elfrid Payton still expected to come out as the starter at the beginning of the year.