Gilbert Arenas Admits He Could Have Worst NBA Contract of All Time

Gilbert Arenas cannot tell a lie.

Sure, he blows red lights and cheats the traffic-ticket system, but he tells us about it, so that's fine. And when TMZ asked him about the contract he signed with the Washington Wizards being the worst in NBA history, his reaction was worth every penny of the $111 million he was signed for.

"I'm probably up there," Arenas said, when TMZ referenced Yahoo! Sports' list of the 12 worst NBA contracts of the 21st century.

Upon finding out he wasn't just "up there" but No. 1, Arenas was stunned.

"I'm No. 1?!?!?" he exclaimed. "Of all time?"

After scratching his chin and clarifying the exact terms of his deal, Arenas came to grips with the news.

"Well it could be," he said sheepishly. "I'm not arguing that it's not..."

From there, Arenas discussed how hard he worked while in Washington. He also explained that contracts pay players for what they've done, not what they will do. 

Agent Zero is only half-right there. Players are obviously compensated for past performances, but their salary is also a reflection of what they're supposed to do in the future. Previous dominance helps shape the structure of a deal; it doesn't doesn't define the agreement entirely.

But what does Arenas care? He's still getting paid.

The Wizards dealt him to the Orlando Magic in 2010. Less than a year later, the Magic amnestied him while there was still roughly three years and $62 million remaining on his deal.

"The NBA says I get 20-something (million) this year?" he asked to the world at large. "I stopped keeping track."

Must be nice. Must be even nicer to know he'll be getting paid by the Magic for a while longer.

"When the amnesty kicked in, they were allowed to expand the contract," Arenas explained. "So I'm still getting paid until 2016."

For those worried about Arenas' well-being, don't be. With the money he has coming his way, he should be set for life. Like he admits, he could retire today and be perfectly fine. Using-stacks-of-cash-as-toilet-paper fine.

"I could spend every penny I have in the bank and I still have $38 million coming," he said.

See kids? Honesty pays off.

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