Marc Stein of ESPN.com reports:

The reigning NBA champions are about to lose their glue guy.

James Posey, arguably the most coveted unrestricted free agent left on the market, agreed to a four-year deal with the New Orleans Hornets on Wednesday worth an estimated $25 million, his agent, Mark Bartelstein, said.

Because of future luxury-tax concerns, Boston was apparently reluctant to offer Posey, 31, more than a two- or three-year deal starting at the league’s mid-level exception (just under $5.6 million) in spite of Posey’s considerable contributions to the Celtics’ first championship since 1986.

For four years at $25 million, I’m not quite as disappointed as I had thought I would be if Pose did indeed decide to go elsewhere. Regardless, this is a big loss and our version of “Big Game James” will be missed dearly.

There is a positive side to this, however. The Celtics do not have to commit long-term to an aging veteran, and they still have the full mid-level exception to use this summer. While the free agent pool is thinning out by the week, there is plenty of talent waiting to be directed towards a new home.

Stay tuned, C’s fans.

We all know that we are number one in terms of NBA team rankings. After all, we are the champions. In addition to that, we are number one on James Posey’s free agent destination list as well:

James Posey and Eddie House, key reserves in the Celtics’ NBA championship run last season, last night expressed a desire to remain with the team, in their first public comments regarding free agency.

“That’s my No. 1 choice,” said Posey. “I’ve stressed that to the organization and to everybody. At the same time, I’m still waiting. So we’ll see what’s going to happen.”

House and Posey were interviewed before a screening of a highlight DVD of the Celtics’ season at TD Banknorth Garden.

Steve Bulpett of the Boston Herald also got some words from Eddie House:

It’s the NBA offseason, another chance for Eddie House to sell himself. The Celtics are very much interested in keeping the free agent backup guard, but the fact they’d like to sign someone to a one-year contract for that slot might be problematic.

“Just feeling good about what’s going on, about the deal,” House said when asked what he was looking for in this contract. “You know, maybe getting some years and definitely getting a raise. I think that’s something that I do deserve after winning the Finals. I don’t think I played bad. I think I played well given the circumstances of not playing and then coming back in. So a little bit of a raise and just some security.

“My agent and Danny (Ainge) are talking and trying to get something that everybody can feel good about. That’s what’s going on right now.”

House is big on security, and that likely extends to the court, where he hopes to keep getting minutes.

“Of course you want to play,” he said. “You don’t want to go anywhere where you’re sitting on the bench, especially coming off winning a championship.”

House reiterated that he wants to remain with the Celtics, but it’s fairly clear the club will have other veteran options that could come in for a one-year deal and thus decrease the cost to the club on the luxury tax. The NBA reimburses teams a portion of contracts signed by veterans, making one-and-done deals attractive to clubs over the tax threshold.

In the case of the available Tyronn Lue, the fact he’s a close friend of Kevin Garnett won’t hurt his chances.

From Marc Spears:

Celtics forward James Posey’s agent, Mark Bartelstien, said Sunday that there could be “something” contract-wise for his client on Monday. Bartelstien would not divulge the interested teams, but an NBA source said that the Hornets seem to be Boston’s main competition. The Celtics seem willing to give Posey the full $5.5 mid-level exception, but it seems doubtful that it will be offered more than two years. The 31-year-old seems interested in getting a four-year deal. Other teams potentially interested in Posey include Detroit, Washington and Cleveland

I’m not so sure Bartelstien’s comments mean much of anything, as he has already said that something was going to get done very soon multiple times (ala the “24-hours” comment). However, Spears’ note about the Celtics unwilling to go over two years is very interesting.

In my opinion, the longer this drags out, the better it looks for Boston with each passing moment. Let’s face it - if Bartelstien’s scare tactic comments were indeed true, something would have been done already. Especially if Ainge is only willing to offer a two-year contract.

Marc Spears of the Boston Globe reports:

The Celtics have signed Warriors free agent center Patrick O’Bryant to a two-year deal, according to NBA sources. The 7-foot-0, 260-pounder was the ninth overall pick out of Bradley in the 2006 NBA Draft by Golden State, but played sparingly in two seasons. The Celtics worked out O’Bryant, who is expected to backup center Kendrick Perkins, a week ago at their training facilty in Waltham.

Very interesting; nobody saw this one coming.

O’Bryant is a big body, a legit seven-footer that we desperately have needed off the bench. His work ethic and dedication has been questioned by Warriors head coach Don Nelson, however, but he undeniably possesses some upside. In O’Bryant’s defense, he was never meant to succeed in an up-tempo system. Optimistically thinking, he could be a better fit in a limited role within a balanced system like ours. In addition, he now has some veteran mentors to look up to in Kevin Garnett and Kendrick Perkins, which he never had in Golden State. Not to mention, Clifford Ray has worked wonders with each and every one of our young big men over the past couple of years.

I wouldn’t get too excited about this, but we could have done worse. Why not take a flier on a guy like O’Bryant?

I am, however, curious about the financial aspect of this deal. Was is the minimum or the LLE? An update will be posted once available.

Side Note: I came up with a nickname for the big fella in 2006, and I now have the green light to use it - P.O.Box 26. Genius, I know.

UPDATE: Jeff Goodman of Fox Sports reports that it is a one year deal at league minimum, with a team option for the second year.

UPDATE #2: Marc Spears now reports that the two-year deal is worth $3 million, which amounts to the LLE and not the minimum.

Bill Ingram of HOOPSWORLD reports:

James Posey is expected to announce that he’ll re-sign with the Boston Celtics in the next 24 hours.

That report contradicts others (like this one by Marc Spears) that were published this evening, but take it for what it’s worth. This afternoon, Steve Bulpett noted that the Celtics were willing to give Posey the full mid-level exception; the question regarding the length of the contract remains.

Let’s hope that Ingram’s words have legs, and this thing gets done within a matter of hours. Stop the madness.

Patrick Reusse of the Star Tribune has posted a new rumor for us to chew on:

McHale was asked if Carney’s talents were similar to those of Kirk Snyder, a big guard who was with the Wolves for the final weeks of this season. He said it was a valid comparison.

Snyder is a free agent and there are reports he will wind up signing with Boston.

Interesting, but this doesn’t make any sense. Snyder is on the C-list of free agent swingmen. If the C’s get desperate, he should be a last resort option. But now? What? Is Danny boy losing confidence in his chances of retaining Pose?

But, for all we know, the writer saw that Snyder had worked out with Boston and made something out of nothing. We’ll see.

Marc Spears of the Boston Globe reports that after a plethora of tasteful free agent options deciding to sign with various clubs, the Celtics have upped their offer to James Posey.

Although a Celtics official has denied it, an NBA source said Posey was initially offered a three-year, $12 million deal by Boston, but the source said the Celtics have improved that offer. The most the Celtics can offer is the midlevel exception, expected to start at $5.58 million next season. At 31, the 6-foot-8-inch, 215-pound Posey seems to be interested in getting close to the midlevel exception and a lengthy deal. Boston currently has about $72 million committed in salary for next season and the salary cap, released last night, is $58.68 million, the luxury tax $71.15 million. Any team over the luxury tax has to pay a $1 tax for every $1 it exceeds the tax.

Spears also reiterates that the C’s have shown interest in a number of role-playing free agents:

The Celtics are giving a strong look to Hornets free agent center Chris Andersen and have worked out free agent centers David Harrison, Patrick O’Bryant, and Randolph Morris and forward Darius Miles.

Jonathan Abrams of the LA Times reports that free agent swingman Corey Maggette has cashed in big time:

In another deal today, former Clipper Corey Maggette reached agreement to join the Golden State Warriors in a five-year deal worth about $50 million, according to NBA sources who requested anonymity because they are not authorized to speak about player movements. Maggette also opted out of the last year of his Clippers contract last week.

Mickael Pietrus also agreed to terms with Orlando today, which diminishes Danny Ainge’s options should James Posey pack his bags. Does Danny Boy stick to his guns by refusing to shell out the contract length/money that Posey is asking for, or does he fold by force?

Time will tell. Stay tuned.

Peter Stringer of Celtics.com has an update on Paul Pierce’s knee:

Paul Pierce talked to a few reporters on Monday at his annual summer basketball camp at Basketball City just around the corner from the TD Banknorth Garden on Monday, and said that he’ll be getting an MRI on his knee but doesn’t expect to have to undergo surgery.

Pierce said the knee is still sore, but is getting better, and noted that he’s been treating his injury “like a sprain that normally takes three-four weeks.”

“I’ve still got some soreness in it, so hopefully it’s nothing major requiring surgery,” Pierce said. “I plan on getting in there this week, getting the treatment and the MRI and making sure I take care of my body. I doubt if I need any surgery. It’s getting better and better. I’m gonna get the MRI just to take the extra precaution but I don’t see any surgery in my future and I just plan on getting treatment until it’s all the way healed.”

Mark Murphy has just posted some extra free agent/workout updates.

The Celtics also continued to look at other free agents yesterday.

In addition to a visit from former Hornets center Chris Andersen, they worked out three vastly different players - center David Harrison, guard Kirk Snyder and forward Darius Miles.

Patrick O’Bryant, the former Golden State center who the Celtics worked out prior to the 2006 draft, is due in for a workout today.

In addition, the team has taken a prolonged look at former Knicks center Randolph Morris and former Bulls guard Eddie Basden during this week’s rookie/free agent minicamp in Waltham.

“A lot of these guys we have just liked, and they’re trying to continue their careers,” said Danny Ainge, the Celtics director of basketball operations. “But there’s a lot of guys in the basketball world and a lot more we’re going to look at.

First off, let me say: Darius Miles? Are you kidding me? Not only does he have questionable work ethic, the reputation of being a “coach killer,” the resume of a classic bust, and is coming off of a major knee injury that kept him sidelined all last season, but he also failed his latest drug test that earned him a 10-game suspension if/when he ever does return to the court. Should we lose James Posey in the free agent market, Miles is the last guy that Celtic Nation wants as a replacement small forward.

Kirk Snyder is certainly a “Danny Ainge kind of guy:” young, athletic, strong wing, has yet to fulfill his potential. Had the C’s not brought in J.R. Giddens and Bill Walker on draft night, Snyder may have been a formidable replacement for Tony Allen. However, with our current roster, it’s unlikely that he or Eddie Basden finds a spot in green.

David Harrison was once a very intriguing center prospect coming out of high school, but at this point in his young NBA career, he is Michael Olowokandi of 2006 on a good day. Simply put, he’s huge. He’s long. He’s strong. But he fouls nearly as frequently as Danny Fortson, and has had a questioned work ethic. Should the C’s get down to the waning moments the summer without a backup center, Harrison might be a solid option to bring in as an insurance 7-footer, similar to what Scot Pollard was before his season-ending injury.

Side note: Mark Murphy also mentioned that the New York Knicks have contacted Eddie House.