He's not going to the Clippers, he's going to sign with the Wizards. 6yr, $60 million. That's a starting salary of $8m/yr, and if Golden State wants to keep him, they'll have to get under the cap by that much. It's not likely; they are right around $47m in salaries, meaning they'll need to trade away about $11m-$12m just to be able to keep Arenas. http://espn.go.com/nba/news/2003/0721/1583869.html
It well could be. But, this is the first concrete evidence that says he is going to sign an offer sheet with someone. I have a feeling that Headline News report was misconstrued, a) because it wasn't reported anywhere else and b) because their reports are oftentimes confusing, making "Arenas receives offer from Clippers" seem more like "Arenas expected to sign offer from Clippers."
