Hornets, Paul Agree On Four-Year, $68M Extension

The New Orleans Hornets agreed to a contract extension with guard Chris Paul that could keep the All-Star with the team for the next four years, the Associated Press is reporting.

Lance Young, Paul's agent, said Paul agreed to a three-year extension with a player's option for a fourth year. The total value of the deal is $68 million.

The Hornets will pay Paul the maximum allowable under the NBA's collective bargaining agreement, starting at 25 percent of the salary cap for the first year of the extension, with 10 percent raises thereafter.

Via ESPN

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Pargo Wants Three Years; Hornets Like Posey

Free agent point guard Jannero Pargo wants a three-year from the Hornets, and the team is targeting forward James Posey, as well, according to The Times-Picayune.

Agent Mark Bartelstein represents both Posey and Pargo.

"We talked, but there are several teams interested in James," Bartelstein said of Posey after discussing him with New Orleans on Tuesday.

Bartelstein spoke with the Hornets about Pargo's goal of inking a three-year deal on Tuesday, the first day of free agency, as well.

Via The Times-Picayune

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Paul To Sign Max Extension

Chris Paul will remain with the Hornets for at least four more years after the 2009 season as he has agreed to a max deal.

The agent for the Hornets all-star guard tells ABC26-TV and NewOrleans.com Sports that he will be in New Orleans tomorrow to finalize Paul's new deal although it is unclear if it will be a four or five year extension.

Via NewOrleans.com

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