We report magnetic and spectroscopic observations and modeling of the Of?p star CPD −28• 2561. Using more than 75 new spectra, we have measured the equivalent width variations and examined the dynamic spectra of photospheric and wind-sensitive spectral lines. A period search results in an unambiguous 73.41 d variability period. High resolution spectropolarimetric data analyzed using Least-Squares Deconvolution yield a Zeeman signature detected in the mean Stokes V profile corresponding to phase 0.5 of the spectral ephemeris. Interpreting the 73.41 d period as the stellar rotational period, we have phased the equivalent widths and inferred longitudinal field measurements. The phased magnetic data exhibit a weak sinusoidal variation, with maximum of about 565 G at phase 0.5, and a minimum of about -335 G at phase 0.0, with extrema approximately in phase with the (double-wave) Hα equivalent width variation. Modeling of the Hα equivalent width variation assuming a quasi-3D magnetospheric model produces a unique solution for the ambiguous couplet of inclination and magnetic obliquity angles: (i, β) or (β, i) = (35• , 90 • ). Adopting either geometry, the longitudinal field variation yields a dipole polar intensity B d = 2.6 ± 0.9 kG, consistent with that obtained from direct modelling of the Stokes V profiles. We derive a wind magnetic confinement parameter η * ≃ 100, leading to an Alfvén radius R A ≃ 3 − 5 R * , and a Kepler radius R K ≃ 20 R * . This supports a physical scenario in which the Hα emission and other line variability have their origin in an oblique, co-rotating 'dynamical magnetosphere' structure resulting from a magnetically channeled wind. Nevertheless, the details of the formation of spectral lines and their variability within this framework remain generally poorly understood.