Ray Allen resigns with the Celtics

Marc Stein via twitter
Allen and Celts have agreed on two-year deal worth $10 million annually that includes player option in Year 2.
Player options always suck for the team, because if the player has a good year they opt out and the only reason they stay for the option year is if their skills are less than their contract value. That said, this is a solid deal and I for one am excited. We still have some work to do if we truly want to give it one more run, but looks like the gang is all back.

Mike Saver's take:

Ray's signing with the Celtics so soon comes as a surprise to me. Since it was reported that Ray was waiting for the decisions of Bosh, Wade and LeBron, I thought a deal wouldn't be struck until atleast friday. Also, both Rivers and Ainge had said that working out a deal could last well into July. That now appears to be false.

Also the deal works out pretty well for the Celtics. It's been reported as either a $10m or $20m deal, either way Ray is coming back at a very low price. And for only two years with a player option the second year - the Celtics aren't tied to an aging player for, say 4 years. This is particularly surprising since Ray could have easily found a much better deal elsewhere, even on a contender like Chicago or perhaps Miami.