Breaking News: Celtics Re-Sign Ray Allen

The Boston Celtics have re-signed Ray Allen to a two year, $20 million contract.

Yahoo! Sports reports that the deal will pay Allen $10 million in each year. The second year is a player option for Allen, who can opt out from the deal.

This means that the Big Three of Allen, Paul Pierce (re-signed to a 4 year, $61 million contract) and Kevin Garnett will be together for at least one more season, and possibly two if Allen takes the player option after the 2010-11 season. Garnett's current deal runs out after the following season.

The speculation leading up to this signing was that Allen would not sign anywhere for less than three years, and that depending on how the rest of the free agency went, he would be able to get a contract similar to what Pierce received. It is a testament to Allen's commitment to coach Doc Rivers and the rest of the Celtics that he would take a serious pay cut and fewer years to keep the starting rotation intact and have at least one more run at a championship.

Personally, I like the move. Ray Allen could have easily signed elsewhere for a longer contract, if not also more money. He could have fit under the salary cap in Miami, even with Dwyane Wade and Chris Bosh, and the Heat could have used an outside shooter. Also, if LeBron James re-signs with Cleveland, there is also a need and room there for a player like Allen.

Allen has a lot left, and can win a lot of games, especially as we saw in the playoffs. It is very respectable to see that he stood by the Celtics at a lesser price, but we should not have expected anything less of Allen.