Found December 09, 2011 on Pro Sports Daily:
98070127
The Orlando Magic have waived guard Gilbert Arenas, using the newly implemented amnesty clause on the former high-scoring guard. Arenas appeared in a combined 70 games with the Washington Wizards and Orlando last season, averaging 10 points and 3.9 assists. Despite having a history of knee injuries, Arenas was signed to a six-year, $111 million contract by the Wizards in 2008. Last season, he was traded to the Magic for Rashard Lewis. The 29-year-old Arenas has a 21.2 scoring average in 10 seasons, including a career-high 29.3 points during the 2005-06 season. As part of the NBA's new collective bargaining agreement, each time is allowed to dump one contract as part of an amnesty clause. The amount of the contract comes off of the team's salary cap, but the club must still pay the player the full amount owed him. Arenas was suspended 50 games during the 2009-10 season for bringing guns into the team's locker room.
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