On the night of the NBA Draft, one member of the media asked Magic general manager Rob Hennigan where the rumored trade for Bledsoe stood. Hennigan responded by saying, "I don't think it's standing right now. It might be kneeling," and went on to add that Orlando "may" re-evaluate the possibility of completing that trade as the summer wears on.
The long-rumored deal between Orlando and the Clippers involves L.A. sending Bledsoe and veteran swingman Caron Butler to the Magic in exchange for veteran swingman Arron Afflalo. Additionally, there was talk of a future Draft pick or young power forward Andrew Nicholson heading to L.A. in the exchange.
It's probably not a coincidence that the rumors out of L.A. at the onset of free agency involved shooting guards. By indicating their interest in names like O.J. Mayo and Tony Allen, the Clippers could be applying pressure to Orlando to agree to a trade involving Afflalo. Josh Robbins of the Orlando Sentinel said it best: LA's work in inflating Bledsoe's trade value has been "masterful."
Teams cannot make free-agent signings or trades until the moratorium on transactions lifts on July 10th, but they can make non-binding, verbal agreements.