Lamb, a 6-foot-4 combo guard, arrived in Orlando from the Milwaukee Bucks in February 2013 as part of the Tobias Harris trade. In one-plus seasons with the Magic, Lamb made 77 appearances--but no starts--averaging 3.5 points, one rebound, and 0.7 assists per game. He shot 39.5 percent from the floor and 41.4 percent from three-point range.
The Magic's recent acquisitions of Elfrid Payton and Evan Fournier may have played a role in the decision to waive Lamb; the consideration surely wasn't financial, as Lamb was due to be paid the league's minimum salary, according to ShamSports.com's database.
Orlando needed to waive Lamb by Monday to avoid guaranteeing his salary for the 2014/15 season.