UPDATE: Wednesday, July 11 at 7:19 a.m. ET:
Blake Griffin confirmed his contract extension on Twitter:
Happy to officially sign my extension to #clippernation for 5 more years. Can't wait. Thanks for all the support.— Blake Griffin (@blakegriffin) July 11, 2012
Ken Berger of CBS Sports first reported via Twitter:
Blake Griffin and the Clippers have formally agreed on his five-year, approximately $95 million deal, league sources say.— Ken Berger (@KBergCBS) July 10, 2012
Berger goes on to report that Lob City rewarded Griffin with a "super-max" deal. In other words, he broke the bank.
Berger cites Eric Pincus of HoopsWorld that Griffin's contract is operating what is now being referred to as the "Rose Rule," where a player starts 30 percent of a team's salary cap should they hit specific incentives.
Griffin's incentives, according to Berger:
Griffin will get the 30 percent if he is voted an All-Star starter twice, named All-NBA twice or voted MVP.— Ken Berger (@KBergCBS) July 10, 2012
This decision comes on the heels of a great season by the Clippers (40-26) and a nice run in the playoffs before being bounced by the San Antonio Spurs in the Western Conference semifinals.
It is clear that the culture of the organization has changed, and that it is doing things the right way from here on out. By locking up Griffin with a long-term contract extension, the Clips not only keep the All-Star in L.A., but they show other teams that they aren’t cheap.
What It Means
The Clippers were a viable threat in the Western Conference this season, and the team knows that much of its success is due to Griffin. In turn, L.A. has decided to reward him for his amazing play and will retain his services for the next several seasons.
Griffin is a major cornerstone of the team they are building, and tying him up financially now allows the squad to concentrate on convincing point guard Chris Paul to stick around in the coming years.
What Comes Next
Now that money isn't an issue, it’s all about moving forward for both the Clippers and Griffin. While advancing in the playoffs is a nice consolation prize, winning a championship should be their new focus.
While securing Paul with a contract extension will become the organization’s main objective over the next few months, it has already added several pieces to improve its squad for future runs in the postseason.