Magic NBA Championship Odds Skyrocket After Kentavious Caldwell-Pope Reported Signing

Kentavious Caldwell-Pope reportedly is signing a three-year deal with the Orlando Magic, causing a major boost

Denver Nuggets guard Kentavious Caldwell-Pope. / Isaiah J. Downing-USA TODAY Sports

One of the first big dominoes of the 2024 NBA offseason has fallen.

3-and-D specialist Kentavious Caldwell-Pope reportedly has agreed to a three-year, $66 million deal with the Orlando Magic, leaving the Denver Nuggets -- the team he won a title with in the 2022-23 season.

Finalizing three-years, $66 million for Caldwell-Pope in Orlando, sources tell ESPN. https://t.co/ruLqQhXEf1

— Adrian Wojnarowski (@wojespn) June 30, 2024

This is a massive move for a young Orlando team that took a major leap in Paolo Banchero's second season.

The Magic reached the playoffs for the first time since the 2019-20 season, earning the No. 5 seed in the Eastern Conference. While it was knocked out in seven games in the first round by the Cleveland Cavaliers, Orlando showed that it could be a team on the rise in the East.

KCP likely replaces Gary Harris in the Orlando rotation, a move that oddsmakers are viewing as a massive upgrade at FanDuel Sportsbook.

Following the report that KCP would be signing in Orlando, the franchise's odds to win the NBA Finals in the 2024-25 season went from +7000 to +5000. This is a shift in implied probability of just 1.41 percent to 1.96 percent, but it's still a significant move to go from 7/1 to 5/1 based on one move.

+7000 ➡️ +5000

Orlando Magic’s odds to win the Finals shifted after signing Kentavious Caldwell-Pope

(@FDSportsbook) pic.twitter.com/3mCbTqncZT

— br_betting (@br_betting) June 30, 2024

Caldwell-Pope has been a key piece on two title teams since the 2019-20 season. He was a staple in the Los Angeles Lakers rotation during their run in the bubble in 2020, and he's been a starter and elite defender for Denver the past few seasons.

An extremely durable players, KCP is an elite defensive wing that shot 40.6 percent from 3 last season and over 40 percent from 3 in three of the last four seasons.

From @StatsWilliams on KCP

Here is what Orlando is getting

Since the 2013-14 season, Caldwell-Pope has played in 96% of regular season games.

During the regular season, opponents shot 40.6% when Caldwell-Pope was the closest defender per Second Spectrum. That led the NBA…

— Bobby Marks (@BobbyMarks42) June 30, 2024

While the Magic aren't considered one of the favorites in the Eastern Conference, they aren't done just yet. ESPN's Bobby Marks projects that the Magic still have about $30 million in cap space that they can use to further improve their roster.

Orlando with KCP pic.twitter.com/EQ1y1vXfRm

— Bobby Marks (@BobbyMarks42) June 30, 2024

Adding a proven point guard could go a long way for the Magic. They have been linked to Los Angeles Lakers guard D'Angelo Russell, who could be added in a trade after he opted in to the final season of his deal earlier this offseason.

For now, the Magic are a sneaky team to monitor in the futures market.

On the Nuggets side of things, Denver's odds have not moved at DraftKings Sportsbook, but it could be in danger of slipping in the Western Conference without one of the game's best role players.

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Odds refresh periodically and are subject to change.

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