Pierce Re-signs

Congrats Captain

Steve Bulpett breaks the news first once again

Paul Pierce will remain a Celtic. The club has reached agreement with its captain on a new contract, according to sources. The deal is said to be for four years, with only the first three fully guaranteed. The papers cannot be signed or officially announced until next week.

The numbers were not available, but Pierce will in the 2010-11 season make significantly less that the $21,513,521 he was scheduled to receive. That will aid the Celtics’ position versus the luxury tax.

Happy news for the Celtics and us the fans.  Paul Pierce is set up to retire as a Boston Celtic.

From updates (posted below) it sounds like they are still negotiating the terms surrounding the 4th year.  I believe they are working on partially guaranteeing the 4th year.  

The value to the Celtics is having the option to cut most of his salary from the books in the 4th year (or trade him to a team looking to cut payroll).  The value to Pierce (other than the extra money) is getting a no-trade clause (that only kicks in if he signs for 4 years).  Sounds like a win-win.

Update: Twitter / Jeff Goodman: 

According to a source close to the Celtics, Pierce's new contract is a 4-year, $61 million deal.

Source also told FOXSports.com that all four of Pierce's years on his new deal will be guaranteed.

Twitter / Ken Berger:

Both sides in the Pierce deal caution there is still work to do. But there's an agreement to the framework of a 4-yr, $61m contract.

One issue still in play, sources say, is the amount guaranteed in the 4th yr.

Reports: Pierce, C's agree to extension -ESPN Boston

With a four-year deal, Pierce also nets a valuable no-trade clause that could further ensure he remains in Boston for the duration of his career. He will be on the backside of 36 when this new contract expires. 

Pierce extension not done yet - Boston Globe

The Celtics could have Paul Pierce back for four more seasons, but a source close to the negotiations said that the deal is not done with the veteran forward.

The two sides have been talking for the past few days, since Pierce opted out of his contact on Tuesday night and they are close to the framework of a four-year contract, but the fourth year could be a sticking point.

 

 

lk

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