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HANG TIME HEADQUARTERS — The amnesty provision of the new collective bargaining agreement gained its first victim this afternoon when the Orlando Magic waived veteran guard Gilbert Arenas.
Arenas was owed $62 million over the next three years of his deal. He played just 49 games for the Magic after coming over in trade last season from Washington.
Arenas was the first but don’t expect him to be the last player who sees his name associated with the amnesty provision this weekend.