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Posey signs with New Orleans

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 Marc Spears reports :

Celtics free agent James Posey signed a four-year deal with New Orleans today, according to his agent Mark Bartelstien.

Update: Marc Stein has the details :

James Posey, arguably the most coveted unrestricted free agent left on the market, agreed to a four-year deal with the New Orleans Hornets on Wednesday worth an estimated $25 million, his agent, Mark Bartelstein, said.

Because of future luxury-tax concerns, Boston was apparently reluctant to offer Posey, 31, more than a two- or three-year deal starting at the league's mid-level exception (just under $5.6 million) in spite of Posey's considerable contributions to the Celtics' first championship since 1986.

I'm sure we all wish Posey the best.  Now, it's up to Danny to get on the ball and put together a team that can repeat next year. 

Update 2:  Bulpett has some more details:

According to Posey’s agent, Mark Bartelstein, the new contract will be worth $25 million. The Celts had been offering two years, but they changed to three a short time into the free agent process.

"James was great for us, and that helped him get this offer," said Ainge. "I just think both sides had to do what was in their best interest, and this is the way it worked out. We wish James well."