Wizards trade Arenas to Magic for Lewis

UPDATE: Ken Berger of CBS Sports is reporting that the deal is done -- the Wizards will send guard Gilbert Arenas to the Orlando Magic for forward Rashard Lewis.

It looks like a trade that will send Gilbert Arenas from Washington to Orlando will probably happen today -- Saturday -- and bring back forward Rashard Lewis, like Arenas, one of the highest and most overpaid players in the NBA. The Wizards will reportedly receive no draft picks or other players, it's a straight-up deal.

According to Paul Coro of The Arizona Republic, the Magic are going to trade Vince Carter, Mickael Pietrus, a 2011 first round draft pick and $3 million to the Phoenix Suns in exchange for Jason Richardson, Hedo Turkoglu and Earl Clark. Orlando has been struggling, having lost 5 of their last 6 games and this deal, along with the Arenas deal, would complete a retooling around cornerstone Dwight Howard.

Arenas is making $17.73 million this season and is owed another $62.42 million for three more years until 2014. Lewis is also hugely expensive, earning $19,573,711 this season, $21,136,631 next season. His salary for for 2012-13 is $22,699,551, but that amount is not guaranteed and it is difficult to imagine the Wizards or any other team paying Lewis that kind of money. It's unknown how Lewis will take to going from one of the best teams in the NBA to one of the worst teams in the NBA and whether or not the Wizards will be able to trade Lewis this season.

The Wizards should save between $18-$31 million on this deal, but they don't get younger, they don't get better and they don't get prospects or draft picks. Unless the Wizards can turn Lewis around in another deal for something useful, it means Arenas' tenure with the team, so full of promise and ultimately so disappointing, will end in yet more disappointment for the team.