NBA Free Agency: Gilbert Arenas Released By Orlando Magic Via Amnesty Clause

By Louis Bien - Contributor

MIAMI, FL - MARCH 03: Gilbert Arenas #1 of the Orlando Magic drives against Mike Bibby #0 of the Miami Heat during a game at American Airlines Arena on March 3, 2011 in Miami, Florida. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Mike Ehrmann/Getty Images)

Gilbert Arenas was released from the Orlando Magic on Friday via the new CBA's amnesty clause. He was set to earn $62.4 million through the 2013-14 season.

Dec 9, 2011 - Gilbert Arenas has been released by the Orlando Magic via the amnesty clause in the NBA's new post-lockout Collective Bargaining Agreement, according to the team's official site on Friday. Arenas had $62.4 million left on his contract through the 2013-14 season, making him a prime candidate for release. Though his salary will come off Orlando's books for this season, Arenas will still be paid in full.

Arenas joined the Magic last season after Orlando's president of basketball operations Otis Smith made the controversial decision to trade away Rashard Lewis to the Washington Wizards. Arenas shot just 34.4 percent from the field while in Orlando, averaging just eight points per game.

The Arenas move continues what has been a busy day for the Magic. The team also acquired Glen Davis from the Boston Celtics in exchange for power forward Brandon Bass earlier Friday.

For more on the Magic, visit Orlando Pinstriped Post. Stay tuned to SB Nation's NBA Free Agency StoryStream for the latest news on player movement.