In a 2024 interview with VladTV, Arenas revealed that his checks kept coming until 2016, a full five years after he had played his final game for the Washington Wizards.
Thanks to some of compensation being deferred, the former NBA point guard received substantial compensation during those five years while no longer actively playing for the team. It was a situation many would consider extraordinary.
Money Gone
While many might view this as an extraordinary stroke of luck, Arenas is adamant that every dollar was rightfully earned.
“I earned every dollar of it,” he insists.
The three-time All-Star believes these payments weren’t undeserved windfall but compensation for years of dedication and contributions that went beyond his statistics on the court.
When Stephen A. Smith appeared on Arenas’ “No Chill” podcast, he challenged the former star about whether he was worth the six-year, $111 million he signed for in July 2008. Arenas acknowledged the complexity of the situation.
“Yes, I was [overpaid] because I was hurt, I was damaged. I already had two surgeries when we did our negotiation,” Arenas admitted. He said his value extended beyond his physical condition.
Arenas claims he’d actually turned down a larger offer elsewhere.
“I just turned down $127 million for $111 million,” he claimed during the podcast. The negotiation reflected his market value at the time, though Arenas recognized the risk the Wizards were taking with his injuries.
Nicknamed “Agent Zero,” Arenas emerged as a transformative talent for the Wizards in the early 2000s. His explosive scoring and remarkable passing abilities helped the franchise transition from the Michael Jordan era. From the 2004-05 through the 2006-07 seasons, Arenas had a three-year run for the Wizards where he averaged 25.5, 29.3, and 28.4 points, respectively, over those seasons. Even after dropping off a bit as his injuries mounted, he averaging 19.4 points and 10 assists per game in the season before signing his contract. This performance didn’t go unnoticed by then-owner Abe Pollin.
“I get the call from Abe Pollin. And he says, ‘Whatever you want, you did what you said you were gonna do. You got me out of my Jordan era, you turned this franchise around, and I owe you whatever you want,'” Arenas recalled.
This personal connection resulted in the $111 million contract in 2008 as the Wizards hoped he’d return to his brilliant form of the mid-2000s.
Though injuries limited Arenas to just one more season in which he played as many as 70 regular-season games after landing his new deal, his financial security seemed to be assured.
Arenas points to factors beyond the court that justified his enormous payday.
“When they looked at me they didn’t look at me as busted knee probably won’t be the same,” he explained. “He looked at me like he’s done everything, he works hard, you know, he does this, he looks out for the older people in the arena if they need new chairs.”
For Arenas, the contract reflected his character and total contribution to the organization.
“My contract is more off my relationship with Abe versus my injury,” he stated, highlighting the importance of the trust he had built with ownership.
“When we sit here and complain about people’s money, remember someone’s giving them that. It’s a value to that person,” Arenas observed. “You don’t know what that person’s done to get that… It’s not always about the numbers that you see.”
Even with the gift of the contract, the baller would go on to fit financial hardship due to his inability to manage his money. Arenas commanded over $160 million throughout his basketball career, but still found himself in dire financial straits following retirement, Clutch Point reports.
His downward spiral actually began before the $111 million, with his rookie salary of $845,000, which quickly evaporated due to lavish spending.
A 2010 gun incident led to an indefinite suspension and the termination of his lucrative $40 million Adidas contract, further depleting his resources.
Today, Arenas continues in basketball through Ice Cube’s Big 3 League, though he has publicly questioned the league’s financial compensation for players. He also has a reported net worth of $10 million — considerably less than his contract’s value but still significant. He still believes he was worth every penny of his nine-figure deal.
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