2:33pm: According to tweets from Ramona Shelburne and Arash Markazi of ESPN.com, financial concerns weren't the reason the Clippers pulled out of the deal. The team was prepared to give Rivers a big contract, but didn't want to give up two first-round picks in the move (Twitter links).
11:46am: According to Wojnarowski (via Twitter), Ainge has called Rivers to inform him that talks are over and that he still wants Rivers back as the Celtics' coach.
11:41am: Sources tell Adrian Wojnarowski of Yahoo! Sports (Twitter link) that the Clippers got "cold feet" over the financial commitment necessary to complete the deal. Even if Terry and Lee weren't involved, the Clips would have been paying Jordan's trade kicker and committing a $6-7MM annual salary to Rivers.
11:31am: The Clippers don't appear to be posturing when they say talks are over, according to Turner, who tweets that the deal is "dead, dead, dead." Amick and Dan Woike of the Orange County Register are also hearing the same thing (Twitter links). Celtics GM Danny Ainge confirms to Baxter Holmes of the Boston Globe (Twitter link) that negotiations are over from Boston's perspective as well.
11:01am: After days of negotiating, the Clippers appear to have called off a potential deal with the Celtics that would have sent Kevin Garnett and coach Doc Rivers to L.A., according to Broderick Turner of the Los Angeles Times (via Twitter). Turner hears from a Clippers executive that the Celtics were asking for too much in the proposed swap.
Earlier today, we heard that while the Celtics would have liked to include Jason Terry's or Courtney Lee's contract in the deal, Boston was willing to hang on to those players if the Clippers gave up two first-round picks. However, according to Turner (via Twitter), the Clippers were unwilling to part with multiple first-rounders in addition to DeAndre Jordan. Los Angeles will move forward with its head coaching search, as owner Donald Sterling prepares to meet with Byron Scott today and Brian Shaw tomorrow, says Turner (via Twitter).
I'm a little surprised that a second first-round pick would be the sticking point for the Clippers, considering how many other concessions the Celtics appear to have made, including agreeing not to include Eric Bledsoe in the deal. The Clippers figured to be a perennial contender in the West for the next several years if they locked up Chris Paul to go along with a roster that would also include Blake Griffin, Garnett, and whatever other assets the team acquired this summer, so those future picks would likely have landed late in the first round.
It would seem to be in the best interests of both teams to get something done — for the Clippers, it virtually guarantees Paul would re-sign with the team in July, while for the Celtics it would mean starting their rebuilding process in earnest. Both sides wanted closure one way or the other early this week, so it's possible that talks are indeed dead, as Sam Amick of USA Today is also hearing (Twitter link). But as Amick notes, until the Clippers officially hire a head coach besides Rivers, it's hard to believe both teams would truly walk away from this deal.