Carlos Arroyo, arguably the best point guard left on the free-agent market, is taking his game overseas. Brian Schmitz has heard rumblings that Arroyo signed with Maccabi Tel Aviv. He cites a report from Haaretz, an Israeli newspaper. I can't find the particular report on the paper's website, though, but Schmitz is a credible enough source.
The Magic had no plans to bring Arroyo back, as he fell out of favor with Stan Van Gundy at the end of last season. Still, the team could have done worse than re-sign Arroyo as a backup. The Magic's finances are dwindling, as is the league's free-agent pool. If they're going to bolster their point guard rotation, they might just have to make a trade.
UPDATE: Arroyo's name now appears on the team's official roster. He joins some fairly familiar names, as Maccabi Tel Aviv also employs Marcus Fizer, the fourth overall selection in 2000; Lior Eliyahu, a former Magic draft pick whose rights were traded to Houston; Esteban Batista, a former Atlanta Hawk; and D'or Fisher, who played for the Magic's summer-league team last month.
A reminder: if you missed Team USA play Team Russia in a pre-Olympics exhibition this morning at 3 AM, ESPN2 will re-broadcast the game at 7 PM. I don't want to spoil the outcome, but I will say it was, by far, Dwight Howard's weakest effort as a member of Team USA. In fact, Chris Sheridan believes Howard may lose some of his minutes to Chris Bosh. Ouch.