According to an AP article, Gilbert Arenas has agreed to re-sign with the Washington Wizards for $111 million over six years, taking $16 million less than he was originally offered so that his team could have more financial flexibility. (Photo Source)


Arenas told the Washington Times and Washington Post that he was offered a maximum deal in the neighborhood of $127 million on Tuesday, the first day of the free agency period.

The three-time All-Star became a free agent after opting out of the final year of his six-year, $65 million contract. He initially said he was opting out to receive a max contract, but he later indicated he would be
flexible in negotiations. Arenas also said that he would not re-sign unless the team retained two-time All-Star forward Antawn Jamison. The Wizards lived up to that part of the bargain Monday by giving Jamison a four-year, $50 million deal.

Says Arenas…“This is in line with what I’ve been saying the whole time. You see players take max deals and they financially bind their teams. I don’t wanna be one of those players and three years down the road your team is strapped and can’t do anything about it…It’s a relief – It was a burden at the same time. Your whole city is depending on you, wondering if you’re going to make the right decision. I’m a franchise player and sometimes franchise players need to make franchise decisions.” (Source)