The team is hosting a New Orleans Arena press conference at 1 p.m. Central today to announce what everyone has known for over a week or so: Chris Paul has agreed to a contract extension that will keep him in New Orleans for at least the next several years. Paul's deal has been reported as a three-year extension with a player option for a fourth year.
Combined with his current contract that runs through the upcoming 2008-09 season, the extension means he is under contract with the Hornets through 2011-12. The option could be exercised in the summer of 2012.
In case you're wondering why we're probably the last media outlet to report this news, NBA rules prevent teams from announcing signings until July 9 (today). Teams were allowed to negotiate with players on July 1; obviously it didn't take long for Paul and the club to reach an agreement.
The Hornets now have all five of their starters from 2007-08 signed for at least the next three seasons, including Morris Peterson, Peja Stojakovic, David West and Tyson Chandler.