Gilbert Arenas traded to Orlando Magic for Rashard Lewis, according to report

It looks like the Gilbert Arenas trade is done.  Ken Berger of CBS Sports is reporting that the Orlando Magic have made two trades.  First, they traded Vince Carter, Marcin Gortat, Mickael Pietrus, a first-round pick and cash to the Phoenix Suns for Hedo Turkoglu, Jason Richardson and Earl Clark.  That set in motion the second trade, which right now looks like a straight swap of Arenas for Rashard Lewis, per Chris Broussard's earlier report.
 

@CBSSports source confirms: #Magic get Turkoglu, JRich, Earl Clark from #Suns, Arenas from #Wizards.less than a minute ago via TweetDeck

 

Michael Lee says the deal involving Lewis is now "close," so you can expect it to happen today.  

Lewis has two years left after this year on a maximum contract signed in the summer of 2007.  He is scheduled to make $21.1 million in 2011/12 and $22.7 million in 2012/13.  However, Lewis' salary is only initially for $10 million in that final year and only escalates if he meets performance incentives, according to Sham Sports.  Arenas has three years and $62 million left on his deal after this year.  At best, the Wizards will save about $31 million over the course of the contract.  At worst, they will save around $18 million.  However, they won't get anything else back in the trade.  

There will be lots of time to reflect on the end of the Arenas era, and in fact, we are planning a day-long tribute to Arenas sometime early next week.  At this point, though, I'm just sad.  I wish we could have receive more than Lewis back, but we don't really know just how much discontent Arenas was showing behind the scenes.  It's possible that he was prepared to leave anyway and this was the only thing Ernie Grunfeld could get for him.  Orlando isn't going to be this desperate again this year, so maybe the trade possibility would have passed by.  Still, it's a disappointing return on the surface for someone who gave us so many memories.

More later.  

UPDATE: Well, this Rashard Lewis tweet pretty much confirms it.

Yo boy off to DC it was fun playing in Orlando had a great time trying to win it all got close but not close enough but it's been real.less than a minute ago via Echofon

 

 

Update - This has been confirmed in the press room by Craig Stouffer and Mike Lee (Via Sean)

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