WASHINGTON -- Gilbert Arenas signed his six-year, $111 million contract with the Washington Wizards on Sunday, securing the return of a franchise player who is accepting less money than he was offered.
Arenas and the Wizards agreed to the deal July 3, but both sides waited until Arenas returned from an overseas trip to settle the details.
"Today is a great day for the Wizards organization," team president Ernie Grunfeld said. "Gilbert is a phenomenal player and his value to the franchise goes beyond what he brings to the court. We're proud and excited that we were able to take care of our own free agents and open the 2008-09 season with a healthy core intact."
The Wizards offered Arenas a max contract -- $127 million over six years -- leaving it up to the unpredictable Agent Zero to decide whether he would live up to his previous statement that he would take a lesser amount if it would help the team sign other players and improve the prospects of contending for an NBA title. Arenas negotiated the deal without an agent while traveling in China on a promotional tour for a shoe company.
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