Washington Wizards All-Star point guard Gilbert Arenas informed team president Ernie Grunfeld that he will re-sign with the team, agreeing to a six-year deal worth $111 million. Arenas, who is in China doing a promotional tour with Adidas, had received a max contract offer from the Wizards worth $127 million over six years just after midnight on Tuesday.
"[The Wizards] offered me the max, and I'm basically giving back $16 million," Arenas said. "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."