Arenas Won't Sign Right Away

Washington Post Staff Writer Wednesday, July 9, 2008; Page E03 Free agents officially can sign NBA contracts today, but three-time all-star Gilbert Arenas isn't expected to sign his new deal with the Washington Wizards until after Tuesday, when he returns from a trip to Asia and Europe. Arenas and the Wizards reached an agreement on a six-year, $111 million deal last week, but some details still need to be worked out and both sides wanted to wait until the NBA released next season's salary cap and luxury tax figures. The salary cap was expected to rise from last season's figure of $55.63 million to around $58.8 million, and the luxury tax threshold was expected to go from $67.86 million to $71.1 million. There are several provisions in the collective bargaining agreement that allow teams to go over the salary cap without... [read full story]