Continuing his proud tradition of bad moves, the owner of the Washington Wizards, Abe Pollin, has reportedly given the OK to Wizards management to offer Gilbert Arenas a six-year, $125 million contract. This comes in the wake of the Wizards' re-signing of Antawn Jamison for four years and $50 million.
In other news, the Blazers have signed star Spanish guard Rudy Fernandez to an undisclosed contract. Fernandez has played the past seven seasons for DKV Joventut Badalona of the Spanish ACB League. Last season he averaged 21.2 points, 3.1 rebounds, 4.1 assists and 2.2 steals for the team, which won both the ULEB Cup and the Copa del Rey. The 6-foot-6 guard also plays for the Spanish national team.
PG Jose Calderon has reportedly re-signed with the Raptors. "Early this morning, through my agents, I reached a preliminary agreement with the Toronto Raptors," Calderon said in a message posted on his Web site. Calderon declined to give details of the contract, but sources have said that the Raptors have also struck verbal agreements to sign Croatian guard Roko Ukic, whom they drafted in 2005, and former New Jersey Nets draftee Hassan Adams along with Calderon.
Lastly, Elton Brand, Corey Maggette, and Baron Davis all opted out of their contracts to test the free agent waters.