3:54pm: The Celtics have issued a press release announcing that they have allowed Rivers to pursue a coaching opportunity with the Clippers, and that Boston will receive a future first-round pick as compensation. With the deal now finalized, GM Danny Ainge will meet with the media at 5:30 central time today, according to a second press release.
Meanwhile, the Clippers have officially announced that Rivers will serve as the team's head coach and senior VP of basketball operations, with a media session scheduled for Wednesday.
2:23pm: Rivers has signed his deal with the Clippers, according to Adrian Wojnarowski of Yahoo! Sports (via Twitter).
TUESDAY, 1:33pm: A source tells Murphy that Rivers is expected to fly to Los Angeles today and sign his contract with the Clippers tomorrow. The Clips also figure to formally introduce Rivers as their new head coach tomorrow after he inks his deal.
3:50pm: According to Mark Murphy of the Boston Herald, the NBA has yet to formally approve the Rivers transaction. A. Sherrod Blakely of CSNNE.com hears that the hold-up is related to Rivers and the Clippers still ironing out the details of the head coach's new contract (Twitter link). I'm guessing that the NBA is fine with the compensation agreement — it's just a matter of the Clippers finalizing the details from their end.
MONDAY, 2:29pm: A league source tells Jackie MacMullan of ESPNBoston.com (Twitter link) that the NBA has approved the compensation agreement for Rivers, which will send a first-round pick to the Celtics.
SUNDAY, 5:26pm: Pending league approval, the Clippers and Celtics have reached an agreement that will result in Doc Rivers becoming head coach of the Clippers, writes ESPNBoston reporter Jackie MacMullan. In exchange for letting Rivers out of his current contract with the team, the Celtics will receive an unprotected first round pick in 2015 from Los Angeles.
The Clippers will pick up the remaining three years remaining on Rivers' contract, worth $7MM annually, $21MM total, tweets Los Angeles Times reporter Brad Turner.
In a move unrelated to this deal, the Celtics are also trying to trade longtime franchise player Paul Pierce for a first round pick. If they are unable to to secure a deal before June 30 (the deadline on Pierce's contract that makes his $15.3MM contract guaranteed next season), they'll look to move him this February before the trade deadline.
According to a tweet from ESPNLA.com's Ramona Shelburne, the Clippers were prepared to hire either Byron Scott or Brian Shaw as their head coach, if Boston didn't accept their offer of an unprotected first round pick in 2015.