The Orlando Magic released guard Gilbert Arenas on Friday by using the NBA’s new collective bargaining agreement amnesty provision.
The new amnesty provision allows every NBA team a one-time provision to waive a player’s remaining contract from the salary cap and luxury tax.
Arenas, who has US$62 million left on the final three years of his contract, was traded to Orlando by the Washington Wizards for Rashard Lewis last season.
The 29-year-old Arenas originally signed a six-year contract worth US$111 million.
Arenas has played in 535 career NBA games with Golden State, Washington and Orlando, averaging 21.2 points, 5.4 assists and 4.0 rebounds a game.
He averaged 10.8 points and 3.9 assists a game during 70 starts last season for the Wizards and Magic, but produced only 8.0 points and 3.2 assists a game in 49 appearances for Orlando.
Arenas pleaded guilty to felony gun possession and was suspended for the final 50 games of the 2009-2010 NBA season after an incident in the Washington locker room involving then-Wizards teammate Javaris Crittenton.