Even though Arenas only played eight games during the 2007-08 due to a knee injury, the Wizards still handed him a six-year, $111 million contract. He played 55 games over the next three seasons before being traded to the Magic, who took on the three years and $62 million left on his deal. (No wonder Magic GM Otis Smith got canned in 2012). After only 49 games, they amnestied Agent Zero. Although his contract doesn't count against the salary cap under the amnesty provision, the Magic are still on the hook to pay the man. He'll pick up another $22 million check and be the third-highest paid player in the league next season.
Gilbert Arenas is still being paid by the Magic.