Orlando Magic are STILL paying Gilbert Arenas
Gilbert “Hibachi-Agent Zero” Arenas is the gift that keeps on giving. The player acquired in the famous “untradeable for untradeable” trade in the Year of Our Lord 2010, played a total of 46 games for Orlando before being waived via the amnesty provision in 2011. At the time he was waived, Arenas had 3 years and just over $60M in salary owed to him.
Part of the “Amnesty Provision” is that even thought the player was waived, he is still due his entire contracted salary. If the original contract had stood, Gilbert would have still counted against Orlando’s salary cap for the final time at $20M+ in 2013-2014 season. It was thought, that the era had officially ended. BUT NO!
It looks like the Magic and Gilbert Arenas had agreed to defer some of his final salary – he’s off their books – but the $ doesn’t stop
— Eric Pincus (@EricPincus) June 28, 2014
In a not so surprising move by the Magic franchise, it appears that they renegotiated some of those final paycheck$ and deferred the money. Further research into the internetz has shown that Gilbert himself had already broken that story back in April during a phone call to a local DC radio program.
“Noooo, no, that’s been a fib for awhile,” Arenas replied. “No, when they did the amnesty [clause], when the amnesty came in, I think it was two years ago, what they did was, instead of me getting paid $20 [million] a year, they extended the years and dropped the money down. So instead of getting 20 I was getting 12 for a longer period of time. So I’m still getting paid until 2016.”
Keep gettin’ ‘dem checks, Gil.