Before the 2001 season, the Aces traded popular star Johnny Abarrientos to the Pop Cola Panthers for forward Ali Peek and guard Jon Ordonio. In the draft, Alaska used the fifth pick to draft fil-am John Arigo. The Aces also signed Duremdes to a reported 48 million peso deal for seven years. In the All-Filipino conference, the Aces were eliminated in the quarterfinals by Abarrientos and Pop Cola. In the Commissioners Cup, a strong showing by Peek gave defending champion San Miguel a fight but still loss in five games of the semis. In the Governors Cup, they were eliminated in the quarterfinals. Chambers retired three games into the Governors Cup. In a simple ceremony, the Aces retired his #20 jersey, becoming the second player in team history to have his number retired.