Redick signed a three-year offer sheet worth nearly $20 million with the Chicago Bulls last week. The Magic had seven days to match and have done so, according to reports.
By inking Redick, the Magic have put themselves over the luxury-tax threshold. The Bulls' offer had been front-loaded for that purpose.
Redick averaged 9.6 points a game for the Magic last season, his best in the NBA. Drafted 11th overall out of Duke, Redick was the 2005-06 college player of the year.
The Bulls were $30 million under the salary cap this offseason and had intended to sign two premier free agents to max contracts. While Dwyane Wade and LeBron James were rumored to be interested at different times, Carlos Boozer was the only big name to land in Chicago.