Celtics and Pierce agree on extension

Financial terms of the deal were not released.

"Paul is one of the greatest Celtics in the history of our franchise," stated executive director of basketball operations Danny Ainge. "We are very happy to have him under contract for the next five years to lead us in the prime of his career."

Pierce has spent each of his eight NBA seasons with the Celtics, who made him the 10th overall pick of the 1998 NBA Draft after a standout collegiate career at Kansas. He has averaged 23.5 points with 6.5 rebounds and is the eighth- leading scorer in Celtics history.

"I am very happy to be continuing my career as a member of the Boston Celtics," said Pierce. "The Celtics organization and the fans of Boston and New England have been great and now we can continue to strive to put the 17th championship banner up in the rafters."

Pierce, a five-time All-Star and team captain, averaged a career-high 26.8 points with 6.7 rebounds and 4.7 assists during the 2005-06 season.