Magid is the all-time leading basketball scorer in the history of Montgomery Blair High School. In 1974-75, he was first team All-Metropolitan, first team All-State and a Top 100 High School All-American, in addition to being a two-time first team All-County selection. Magid played two years at the University of Maryland before transferring to George Washington University. He was captain and leading scorer at G.W. his senior year and led the nation in FT shooting at .929. A two-time first team Jewish All-American, Magid was a member of the gold medal-winning U.S. basketball team at the Maccabiah Games in 1977 and led the team in scoring. Magid was drafted by the Indiana Pacers after the 1979-80 season.