The Magic sent Seattle a conditional second-round pick, while the SuperSonics earned a trade exception believed to be in the $9 million range.

Lewis agreed to terms with the Magic earlier this month, yet no deal could be closed until today, the first day that the league's free agent moratorium was lifted. The six-year deal — Lewis agreed to a five-year pact, but the sign-and-trade allows an extra year to be worked into the contract — is expected to be worth at least $110 million.

"Rashard is a young, athletic forward and a proven scorer in this league," Orlando general manager Otis Smith said. "We feel his skills will be a tremendous addition to our team and we are very excited to have him join the Magic family."

Lewis averaged a career-best 22.4 points last season for Seattle, where he spent his first nine years after jumping straight to the NBA from high school and going early in the second round of the 1998 draft. He's averaged more than 20 points in each of the last three seasons, and is the SuperSonics' all-time leader in 3-point field goals with 973.