Pierce extended

Herald reports Paul has a new 3-year deal at $20M/per. Celtics clearly pay a premium to keep the new contract that short.

LAS VEGAS - Paul Pierce and the Celtics have reached agreement on a contract extension, a vital step for the club at this stage of its development.

Sources last night said the agreement was essentially completed late yesterday and that an announcement is forthcoming.

Danny Ainge said earlier yesterday that the sides were “just ironing out some of the final details,” and he reiterated that last night. But, according to a source, the largest of those issues were apparently resolved before Pierce’s agent, Jeff Schwartz, left Las Vegas in the late afternoon. It is known that Ainge and Schwartz spoke again yesterday.

Signing Pierce to a three-year extension that will take him through the end of the 2010-11 season is a critical step of stability for a team that is still in the building phase. He still has two years left on his present deal, but the fact the team captain is passing on the opportunity to end his contract after this season (and become a free agent) has to be seen as an endorsement for the club’s plan.

In terms of the financial stats, Pierce will complete his last contract by making $15,101,625 this season and $16,360,094 in 2007-08. The new portion of the pact will pay him nearly $60 million for three years.

Giving Pierce a new maximum contract requires no difficult decision on the part of the Celts.

“Paul’s been one of the great Celtics of all-time in my opinion - one of the top players to ever put on a Celtic uniform,” said Ainge. “He’s going into the prime of his career, and he’s still getting better. He got better last year from the year before.

“Most statistical breakdowns show guys play their best basketball from the time they’re 27 to 32. We get Paul from 28 to 33, so this is his prime. I think it’s important for us to get something done with him.”