How bright is the future for the Magic? What's their next move?

— -- The Orlando Magic thought they were ready to make a return to the playoffs this year after a steady progression in the standings during their first four years under GM Rob Hennigan. Those seasons saw the Magic, after trading All-Star Dwight Howard, advance from 20 wins in Hennigan's first year to 35 in his fourth season.

Last summer, the Magic dealt young shooting guard Victor Oladipo to the Oklahoma City Thunder as part of a package for veteran power forward Serge Ibaka. They also spent heavily in free agency, filling out their bench with D.J. Augustin, Bismack Biyombo and Jeff Green. The result was, improbably, six fewer wins than in the season before and a point differential (minus-6.5 points per game) scarcely better than in the first season of the rebuild (minus-7.0).

Hennigan paid for the disappointing results with his job, the team announced Thursday. Now, as Orlando searches for Hennigan's replacement, it's worth asking whether the rebuilding project can be salvaged. How bright is the future in Orlando?

Encouraging signs after Ibaka trade

With the benefit of hindsight, the Oladipo-Ibaka trade did more than any other move to seal Hennigan's fate. The deal pushed Aaron Gordon, the Magic's most promising young player, from his natural spot at power forward to small forward alongside Ibaka, and that idea was a flop.

Gordon struggled at small forward, taking more than a third of his shots from beyond the 3-point line while making them at a dismal 29.2 percent clip. Meanwhile, Ibaka and Biyombo -- along with new coach Frank Vogel -- failed to provide the defensive boost Orlando expected. The Magic ranked 22nd in defensive rating and were 15 games below .500 when Ibaka, an unrestricted free agent at season's end, was traded to the Toronto Raptors.

While the return from Toronto did not match the value that Orlando gave up to get Ibaka in the first place, the Magic did get Terrence Ross and a first-round pick from the Raptors for Ibaka. Ross entered the lineup at small forward after the break, which slid Gordon back to power forward, where he surged. Over the season's final 24 games, Gordon averaged 18.9 points per 36 minutes with a .581 true shooting percentage, as compared to 14.5 and .503 before the break.

Benefiting from the improved floor spacing, point guard Elfrid Payton also finished the season strong, recording five triple-doubles and averaging 16.1 points, 10.0 assists and 8.4 rebounds per 36 minutes after the All-Star break.

A cynic might point out that while the Magic were more competitive after the break, they still went 8-16. However, breaking down their point differential per 48 minutes by number of starters on the court reveals the new-look starting lineup was effective (along with variants including Biyombo in place of Nikola Vucevic). Orlando's bench, not so much.

That points to another culprit in Hennigan's demise: the inability to put together a competent bench despite heavy investment. Orlando paid nearly $40 million combined to Augustin (0.3 wins above replacement player), Biyombo (0.1) and Green (minus-1.5) this season and got below-replacement production from them collectively. The fifth pick of the 2015 draft, guard Mario Hezonja, also performed worse than replacement level (minus-1.6 WARP) in his second season.

Where do the Magic go from here?

Orlando has a few possible directions for replacing Hennigan. As ESPN's Marc Stein has reported, persistent rumors in league circles suggest LA Clippers head coach and president Doc Rivers -- who started his coaching career with the Magic -- might be interested in a return to Orlando in an executive role.

Regardless, the Magic won't be starting their rebuild from scratch. But Orlando still lacks the superstar talent needed to seriously contend.

The Magic will have another opportunity to draft such a talent in this year's lottery. Orlando finished with the league's fifth-worst record, giving the team an 8.8 percent chance at winning the top pick and 29.2 percent chance of picking in the top three.

Given how well Payton finished the season, the Magic would have an interesting choice to make if they land one of the top two picks, likely to be point guards Lonzo Ball and Markelle Fultz. Outside the top two, Orlando would probably want to prioritize positions other than point guard because of Payton's development. The Magic will also have a first-round pick in the mid-20s from the Ibaka trade.

Because of their spending spree last summer, Orlando will have limited cap space. If they land as expected after the lottery -- fifth or sixth -- the Magic will have about $15 million available this summer, assuming they waive backup guard C.J. Watson, whose 2017-18 salary is only partially guaranteed.

If Orlando can use that money and the draft to add upgrades at backup wing and power forward, it's possible the Magic can get back in playoff contention next season. But the length of the rebuild, moving toward its sixth season, means a narrow window for Orlando.

Gordon and Payton will both be eligible for rookie extensions next fall or restricted free agency in the summer of 2018, and locking them up long-term would cap the Magic out for the foreseeable future. If Orlando commits to Gordon and Payton, further improvement will have to come from within as they develop along with this year's lottery pick.

Unless the Magic can nail this year's draft, the upside of the current core appears limited. But after five years in the lottery, merely being competitive in the Eastern Conference might be considered a success in Orlando.