Magic Waive Gilbert Arenas with Amnesty Clause; Pistons Cut Rip Hamilton

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The new Amnesty Clause in the NBA labor agreement update claimed it’s first ever victim today. Gilbert Arenas of the Orlando Magic. Yes, “Hibachi,” “Agent 0,” or as I call him “shooty mcshootington” or “gunsy mcgunsington” walks away from the Magic with a cool $60+ million; without having to do a thing.

The Magic get to take his albatross of a contract off their salary cap hit. Now, with the new rule in place teams under the cap will be able to bid on him. If there are no bids, he simply becomes an unrestricted free agent.

If Arenas is not picked up, the Magic owe him $62.4 million. If he signs as a free agent, he keeps all his Magic money and gets whatever the new team is willing to pay him. And the Magic will have to pay Arenas the difference between the winning bid for him and his $62.4 million guarantee.

I can’t imagine there is going to be a huge market for Agent Zero’s services and he will likely have to take the league minimum from somebody.

The Detroit Pistons waived Rip Hamilton today. It was thought the Piston used the amnesty clause, but they did not. It was a simple contract buyout, and this gives Hamilton more freedom in choosing his next team. Expect a title contender to land Hamilton with part or all of their mid-level exception as he can still bring some scoring punch to a line-up.

The Chicago Bulls are pretty quiet right now on the transaction front, but lots of chatter on them trying to possibly Hamilton. The Bulls are looking for a ball-handler/scorer, and desperately need an upgrade at the two. Expect the Boston Celtics to maybe make a move on Hamilton too.


Paul M. Banks is CEO of The Sports, an official Google News site that generates millions of unique visitors. He’s also a regular contributor to Chicago Now, Walter, Yardbarker, and Fox Sports

A Fulbright scholar and MBA, Banks has appeared on live radio shows all across the world. The President of the United States follows him on Twitter (@Paul_M_BanksTSB) You should too.

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  1. edwin smith says:

    Whoever wrote the above article regarding amnesty of Arenas is your normal all-American “bigot” that never tires of blasting African-American athletes, even though they pay their debt to society. I guarantee he feels the same way about Michael Vick. What was your take on Ben (the rapist) of Pittsburgh? Of course you were silent as others in your little “network.” You would be a more effective writer if you kept your personal feelings out of the piss-poor job you are trying to do. Please respond- if you dare.

  2. paulmbanks says:

    Oh I dare, I always respond to the extremely stupid/nutty of my commenters.

    Go look at my Twitter feed from last night! Just last night I was ripping on Rapistberger, mentioning how much I hate him as I openly cheered against him.

    Or you could just read this, which I penned almost a year ago.

    You might want to do that before making exceedingly inaccurate broad sweeping and utterly delusional generalizations.

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