Gilbert Arenas is accepting less money from the Washington Wizards, invoking an attitude far, far removed from the world of his working-class fans.

"What can I do for my family with $127 million that I can't do with $111 million?" he told The Washington Post.

The unpredictable three-time All-Star point guard, in vintage Agent Zero fashion, told the Post and the Washington Times yesterday that he has agreed to re-sign for $111 million over six years, less than the maximum deal he said the Wizards offered him when the free agency period began on Tuesday.

Arenas negotiated the deal from China, where is traveling as part of promotional tour for a shoe company, and did so without an agent.

"I'm basically giving back $16 million," Arenas told the Washington Times. "This is in line with what I've been saying the whole time. You see players take max deals and they financially bind their teams. I don't wanna be one of those players and three years down the road your team is strapped and can't do anything about it."

Arenas became a free agent after opting out of the final year of his six-year, $65 million contract at the end of last season. He initially said he was opting out to receive a max contract, but he later indicated he would be flexible in negotiations.

Arenas also said that he would not re-sign unless the team retained two-time All-Star forward Antawn Jamison. The Wizards lived up to that part of the bargain Monday by giving Jamison a four-year, $50 million deal.

HORNETS

PAUL AGREES TO NEW DEAL

Chris Paul and the Hornets reached a contract agreement yesterday that could keep the All-Star point guard with the team for at least the next four seasons.

Lance Young, Paul's agent, said Paul agreed to a three-year extension with a player's option for a fourth year. The total value of the deal is $68 million.

Paul, who recently completed his third NBA season and has been selected to play for the United States in the Olympics, has one season remaining on his current contract. Under league rules, the first day the Hornets can formalize Paul's new contract is July 9.

Last season, Paul led the NBA with averages of 11.6 assists and 2.7 steals.

OVER AND BACK

Michael Beasley returned to practice with Miami yesterday, one day after the No. 2 overall pick in last week's NBA draft was knocked out of his first official summer-league workout with a chest bruise. ... Orlando yesterday signed first-round draft pick Courtney Lee, the 22nd overall selection from Western Kentucky. Terms of the deal were not disclosed.