"Since signing the contract, Arenas has struggled with knee problems, set a franchise record for most turnovers in a game (12), brought guns to the locker room, was suspended by the NBA for 50 games, faked injury in a preseason game and was traded to Orlando, where he averaged a mere 8 PPG. It has been a spectacular fall from grace."Bleacher Report:
Gilbert Arenas hasn't played in the NBA for more than a season now, but he's still drawing a hefty paycheck from the Orlando Magic.
This was all set in motion back in 2010 when the Magic and the Washington Wizards took part in the worst trade in the history of the NBA.The Magic sent Rashard Lewis to Washington in exchange for Arenas and the deal was done.
It wasn't that one side was getting fleeced; it was just that either team was essentially swapping $130 million worth of cap fodder, because people can change, I guess. Arenas played all of 49 games in Orlando, while Lewis played 60 in Washington before he was traded away again.
In order to shave the remaining $62 million off their books after the 2011 lockout, the Magic decided to use their amnesty provision on Arenas roughly nine seconds after it was afforded to them. That meant the Magic wouldn't get the privilege of watching Agent Zero launch three-pointers and shoot 34 percent from the field over the course of the next three years.
Eventually the Memphis Grizzlies made a claim on him near the end of the 2012 season. He played in just 17 games for the Grizzlies, saving Orlando a few thousand bucks in the process. After the season ended, the three-time All-Star called it quits—well, as far as the NBA is concerned, that is.
Arenas hoofed it over to China last season, where he played with the Shanghai Sharks, all while still getting paid $20,807,922 by the Magic. At the very least, the Magic were paying a productive player; he averaged 20.7 points on 50 percent shooting in his 14 games with the Sharks.
So that brings us to this season, one which Arenas will likely spend with no affiliation to the NBA whatsoever. Between the end of October until the Magic (likely) miss the playoffs in mid-May, they'll be sending checks over to Arenas totaling $22,346,536.
Just three other NBA players are making more than Arenas will make next season: Dirk Nowitzki clocks in just under $400,000 more than Gilbert, while Kobe Bryant's salary approaches $30.5 million.
For a quick comparison, Chandler Parsons, who is on one of the most valuable contracts in the league, will make just $926,500 this season. He'll rake in a tad over four percent of what Arenas will make.
In fact, if he were to attempt an NBA comeback, the veteran minimum for a player who has been in the league for more than 10 seasons is just $1.3 million. Whichever team he would sign with would be responsible for that portion of his contract, meaning the Magic would only have to pay him around $21 million. What a steal.
Since the NBA's current collective bargaining agreement was put in place in 1999, only five players have signed larger total contracts than Gilbert Arenas (six years, $111 million) agreed to in 2008. Here's a look:
» 16 Ridiculous Ways Gilbert Arenas Spends His Money
» Washington Post 2006: "The Psychic Scars That Shaped an NBA Star"