On the same day that Washington Wizards star Gibert Arenas pleaded guilty to felony gun charges, shoe company adidas dropped him as an endorser. Arenas has been repping adidas since 2003 in a contract worth $40 million over eight years.

"In response to Gilbert Arenas' guilty plea to felony charges, Adidas has terminated its agreement with the athlete effective immediately," spokeswoman Stephanie Von Allmen said in a statement. "Beyond this statement we have no further comment at this time."

On the other hand however, animal rights group PETA has expressed their support for the embattled baller. Arenas is currently participating in the "Not Mink" ad campaign.

"We are standing by Gilbert," PETA President Ingrid E. Newkirk said in a statement. "There was no violence involved in his actions, which is more than we can say about the fur trade, which electrocutes, drowns, and skins animals alive for their pelts. If there is a conviction, things might be different, but for now we are proceeding with Gilbert's campaign against fur."

That's great and all, but PETA isn't making up for that chunk of change that Arenas is losing. Arenas is currently suspended from the NBA indefinitely and will face sentencing on his gun charges on March 26. Arenas is facing six months in jail, along with a termination of his contract with the Washington Wizards. What will the future hold for his career?