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Arenas Agrees to Take Around $16 Million Less

One quote from Gilbert Arenas says it all: "What can I do for my family with $127 million that I can't do with $111 million?"
Arenas told me a little while ago that he has agreed to a six-year, $111 million contract. The Wiz had offered the maximum level contract, one that would have paid him between $125 to $127 million over six years. Arenas said he is willing to take less in order to help the Wizards have room to add key pieces over the next few seasons. The deal still has to be finalized once the league releases salary cap and luxury tax numbers next week but Arenas said his mind is made up.

"We have another room to add a piece," Arenas said. "There is a window of opportunity open for us. Adding key pieces leads to championships and that's what we all want."

More later.

By Ivan Carter  |  July 3, 2008; 7:21 PM ET
 
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