Washington Wizards guard Gilbert Arenas has made no secret his intentions of exercising his player option to void the six-year, $65 million contract he signed in 2003 so he can sign a max deal this summer.
But even if he opts out, remaining in the District likely is Arenas’ best option.
Arenas, who hopes to come back from a second knee surgery within the next few weeks, has one year left on his contract and would earn $12.8 million if he stayed put next season. But if he opts out, under the NBA’s collective bargaining agreement he can earn roughly $14.4 million in the first year of a new five- or six-year deal. The Wizards could sign Arenas to a six-year contract, while another team could offer the three-time All-Star only a five-year deal.
He has said he wants to re-sign with Washington, but if the Wizards either can’t afford him or have no desire to complete a new deal he would go elsewhere.
As he has said several times since Arenas announced his intentions last summer, Wizards team president Ernie Grunfeld doesn’t foresee Arenas departing.
“Our plan is still to re-sign Gilbert,” he said. “Absolutely we want to keep him and see him as a big part of our future.”
Few teams would have the money to lure Arenas away from the Wizards.
As it stands right now, only Memphis and Philadelphia are well under the salary cap for next year.
Memphis would have roughly $12 million to spend but could have a hard time attracting a big-name player because it plays in a small market. And Grizzlies general manager Chris Wallace reportedly has indicated his team may wait until the summer of 2009 to make sweeping moves.
Philadelphia could have as much as $20 million if it passes on re-signing restricted free agents Andre Iguodala and Louis Williams, which is unlikely.
The Los Angeles Clippers would have about $28 million to spend if Elton Brand and Corey Maggette opt out of their deals, and they could attract Arenas, who is from Los Angeles. They pursued Arenas in 2003, and if both Brand and Maggette opt out, the Clippers, according to league insiders, would have interest in both Arenas and teammate Antawn Jamison, who is due to become an unrestricted free agent this summer.
But Brand, who has missed all of this season with a ruptured Achilles tendon, turns 29 this month and is scheduled to earn $16.4 million next year if he doesn’t opt out. He would need a new team to offer him a deal of at least $16.5 million to avoid losing money next season. The chances that a team would have the cap room to offer him that type of money are slim, so Brand could stay with the Clippers.
Baring some unforeseen candidate, that leaves the Wizards as the best destination for Arenas.
Washington would have roughly $15 million of cap room if it didn’t re-sign Arenas and Jamison, but Grunfeld likes what he has going with the Wizards and plans to retain both players, even if that means taking a luxury tax hit.
“We’ve shown we can generate some excitement when we have our whole group healthy and Gilbert, Antawn and Caron [Butler] on the floor,” Grunfeld said. “[Wizards owner] Mr. [Abe] Polin has been very generous, and we’ll do what we need to do to keep our players.”
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