It’s official: Dwight Howard to remain with Orlando Magic

The Orlando Magic announced Wednesday that center Dwight Howard had signed papers agreeing to waive the early termination option in his contract, meaning he will be with the Magic to begin the 2012-13 season.

“He is giving up all of his leverage and his free agency in a show of commitment to his team and most importantly the fans of Orlando,” Howard’s agent, Kevin Samples, told the Orlando Sentinel.

Howard had the option of ending his five-year deal and entering the open market as a free agent.

But Howard can make more money with Orlando than he could with any other team.

Provisions in the league’s new collective bargaining agreement give the Magic the ability to offer Howard $30 million more than any other team if he becomes a free agent. Orlando can offer him a five-year contract extension with 7.5% annual raises, while other teams are capped at offering a four-year pact with 4.5% raises.

The Magic are 28-16 this season and seven games behind first-place Chicago. Howard is averaging 21.2 points and a career-best 15.2 rebounds. He passed Nick Anderson earlier this season as the Magic’s all-time scoring leader.

“They know how I feel about the city,” Howard told the Associated Press after Wednesday’s game against San Antonio. “I’ve sat down with them on numerous occasions and talked about what we can do together, but I can’t do it all by myself,” Howard said about his teammates. “You know, I want them to help. I want them to be involved with changing Orlando. That’s always been my goal.”

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It’s official: Dwight Howard to remain with Orlando Magic