Celtics closing in on new deal with Pierce

Paul Pierce opted out of the final year of his contract and $21.5 million earlier this week. No one ever expected he would actually leave the Celtics, however, and reports are that he is closing in on a new deal.

The reports say the deal likely to be for four years and around $60 million, although whether the fourth year is guaranteed remains a point of contention. Pierce would essentially be guaranteeing himself another $40 million or so in taking a single-season pay cut, while the pay cut, in conjunction with Rasheed Wallace's retirement, would free up money for the Celtics to keep Ray Allen and perhaps sign another veterans. This would be quite a steep discount for Boston; under the collective bargain agreement terms, Pierce is allowed to receive $96 million over four years.

So it looks like the Celtics are keeping the band together.