Orlando Magic guard Devin Cannady has been waived by the organization. The 26-year-old signed a full contract with Orlando after finishing out a 10-day deal with the team last year. He didn't play much during the preseason and the organization has decided to move on from Cannady. The Princeton product averaged 10 points, 1.2 rebounds, and two assists per game during his short lived playing time last season. There is some potential here, so hopefully Cannady can find a team elsewhere. However, it's unlikely he'll have fantasy value on any organization.