4-years, $50 million to AJ.......ok.

Now, Mike Jones is reporting $127 million over six for Gilbert Arenas?

To get to that figure, the Wiz would have to pay Arenas about $16.255 in year one and give him the max 10.5% yearly raises.

Can they do that?

In 07-08, the max a player with seven years in the league could earn was $15,649,500 (30% of the salary cap).

A conservative estimate would be a 7.5% increase, putting next season's salary cap around $59,802,250. 30% of that is $17,940,675.

Is Gilbert's true max $140 million over 6 years? Who knows.

But factor in the salary on the books for next season, AJ's contract, along with McGee...and giving Gil $127 barely leaves the Wiz with enough money to use the Bi-Annual Exception (of $1.91 million), much less any of the mid-level exception.

It's becoming more clear that taking a pay cut for Jamison had noting to do with anything.