WASHINGTON -- Gilbert Arenas lived up to his word and opted out of the final year of his contract, the Washington Wizards said Monday.

The move had been long expected. Arenas has repeatedly said he would forgo the final year of his six-year, $65 million deal so that he could re-sign with the team for an even larger amount.

Arenas can begin negotiating with any team on July 1. While he has expressed a desire to remain with the Wizards, he has also said he won't return unless the team also re-signs Antawn Jamison, who is also set to become a free agent.

Wizards president Ernie Grunfeld has said he wants to re-sign both Arenas and Jamison.

Arenas, a three-time All-Star, missed most of last season after two operations on his left knee. He has averaged 22.8 points, 5.5 assists and 4.2 rebounds in his seven-season NBA career.

good, i hope WAS clogs up their cap for the longterm by re-signing both those guys.

Posted by TrueBlue:

Posted by TMS:

good, i hope WAS clogs up their cap for the longterm by re-signing both those guys.

Read my last post in the 9 page thread. I think many of us overlooked this but we'd pick a $10mil TE if we did the Zach to Philly trade.

That's crazy........but what if Philly decides to pay this guy? They are definately in need of a shooting guard and that's essentially what arenas is.

Anyway, say philly decides to get Zach instead and the Knicks do get this trade exemption.......is Gibert Arenas an option for the Knicks. His personality fits that's a given.

Wash now has cap space.. the next best thing to winning an NBA title

Posted by fishmike:

Wash now has cap space.. the next best thing to winning an NBA title

Randolph for Butler?

Gil is basically looking for an extension. with his injury I can't imagine any team really paying up for him at this juncture. He's have to prove himself next season for that. Stay healthy.

That makes sense, but the league doesn't always.

wizards players and fans should be dancing in the streets right about now.....

Posted by EnySpree:

Posted by TrueBlue:

Posted by TMS:

good, i hope WAS clogs up their cap for the longterm by re-signing both those guys.

Read my last post in the 9 page thread. I think many of us overlooked this but we'd pick a $10mil TE if we did the Zach to Philly trade.

That's crazy........but what if Philly decides to pay this guy? They are definately in need of a shooting guard and that's essentially what arenas is.

Anyway, say philly decides to get Zach instead and the Knicks do get this trade exemption.......is Gibert Arenas an option for the Knicks. His personality fits that's a given.

he'll certainly provide the memorable quotes we'll miss after Marbury's gone.

no thanks on Arenas... i hope another EC team signs him up longterm & clogs up their cap.

it is? When you have good players you have good players. When you have cap space you have...

Posted by fishmike:

it is? When you have good players you have good players. When you have cap space you have...

Don't you know it makes perfect sense to build your entire franchise on the "possibility" that a player may come to your organization in two years. Because hey if I'm Walsh thats why I get up in the mornings for cap space because as you know it guarantees Championships.

See: Memphis, Charlotte, Seattle, Milwaukee Bucks

i dont get why everyone is so against cap space- after all these isiah thomas years, one would think fans would be happy that our GM is trying to be financially responsible.

Obviously cap space doesn't guarantee that you will get lebron, d-wade etc. - in all likelihood lebron probably won't come here. but we will be able to sign someone big, someone better than what we've had since 99. i'm not necessarily in favor of trading our pick to get rid of randolphs contract, but i'd be willing to trade randolph/curry for less talented players with shorter contracts. Teams like memphis, charlotte, seattle, milwaukee don't have the appeal that NY does - you get way more exposure and get paid for it - it has the appeal of a team like the lakers.