The biggest reason why it’d make sense to keep Arenas out for the rest of the season is because the Washington Wizards are so horrible. The only teams in the NBA who have worse records are the Minnesota Timberwolves and the Oklahoma City Thunder. At 5-23, the Wizards are by far the worst team in the Eastern Conference.

Arenas coming back this season makes makes less and less sense as the playoffs become out of the realm of possibilities. If the Wizards are going to miss the playoffs, they might as well be as bad as possible to make sure they get the best chances of having a good draft pick.

At 26, Arenas is young enough to bounce back from this latest knee surgery. Even if he misses the rest of the season, as long as he enters 2009-10 healthy he will be a very intriguing fantasy basketball player. His surgery wasn’t deemed serious and there’s no indication that his career could be in jeopardy.

As for this season, Arenas’ fantasy basketball value is at an all-time new low. Unless you can stash him away on an injured list, there’s really not much reason to have him on your roster.

Photo credit: Newscom

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Right now, the best guess on when Arenas could once again resume his NBA career is at some point in January. Prior to the season, there were some discussions about him possibly being available in December but that doesn’t appear to be realistic at this point.

If you have Arenas in a dynasty league, this comeback will tell a lot about his future. If he comes back only to get injured again or require another knee surgery, Arenas’ long-term outlook will be somewhat grim. However, if he can return close to his normal level, he will remain most of his value.

In a redraft, Arenas is worth gambling on if he’s available on the waiver wire and you have an extra space on your roster. Just don’t count on him returning to full strength. That said, even if he returns to half strength, he’s better than a lot of fantasy point guards.

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Off the court, Arenas is a success. However, in the fantasy basketball world, all we are concerned about is how he’s playing on the court. For Arenas, the first thing we want to know is when he’ll be playing on the court.

According to the latest reports, Arenas is a little bit ahead of schedule. He took on Nick Young in a game of one-on-one and beat him. He’s also said to be dunking the basketball in practice.

That said, Arenas is at the very least another month away from returning. More likely, you won’t see him until around Christmas.

What can you expect when he gets back? While the Wizards will likely bring him along slowly at first, it won’t be long before he’s contributing big minutes. A that point, there’s no reason to believe he can’t be a fantasy basketball force once again. While he’s been injured a lot recently, none of the injuries have been considered career threatening. If he’s available in your fantasy basketball league, a smart move would be to pick him up and wait out his injury.

Here is the video of Gilbert Arenas and his new commercial:

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Not too long ago, there were rumblings Arenas would possibly miss the rest of the season. However, with the news that Arenas is well enough to start working out on the court, it’s not too unreasonable to expect him back within the next couple of weeks.

Antonio Daniels, who has started in Arenas’ place at point guard for the Washington Wizards, started off playing well but has tailed off of late. He has dealt with a few injury issues of his own and right now isn’t much of a fantasy option.

If you have Arenas on your fantasy basketball team, a good idea would be to gauge his market value. If you can get a good guard for him in a trade, that’s still likely the way to go. However, if your team is doing good and you can take a risk on him, attempt to trade for Arenas right now for pennies on the dollar.

Read Gilbert’s blog for his thoughts on the Shaq trade and other stuff.

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Arenas insists that he’s pain-free but says that he doesn’t want to return until he’s completely confident in his knee. After missing the end of last season with a knee injury that required surgery, Arenas had a second surgery in November. His original prognosis had him out three months.

If Arenas doesn’t play again this season, Antonio Daniels will remain the starting point guard for the Washington Wizards. Daniels, who just recently returned to the lineup after being sidelined with an injury himself, is a capable fantasy player who gives you consistent production. However, obviously he’s no Arenas.

Gilbert Arenas Mix …

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