I think Chad Ford amptly sums up Gilbert Arenas' free agent status:

The biggest issue for Arenas is the same one that plagues all the free agents: Who else has the money to pay him? I can't see the 76ers or Grizzlies spending the cash. The Clippers would have interest, but Arenas already spurned them once.



That's why I find things like this so hard to understand: "According to a league source familiar with the situation, Wizards President Ernie Grunfeld plans on soon offering Arenas a lucrative long-term contract, one that could cover up to six years and could be worth more than $100 million." It would be one thing if the Clippers had actually offered Arenas, say, a $90 million contract and the Wizards were countering. That kind of money would still, in my view, be a mistake but I could understand it on some level. But why make a pre-emptive bid like that.

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