NBA: Clippers hand Blake Griffin five-year extension

The Los Angeles Clippers announced via press release that they have signed All-Star power forward Blake Griffin to a multi-year contract extension, shortly after the NBA lifted their annual moratorium on new contracts. Per team policy, terms of the deal were not disclosed, but ESPN.com reported that Griffin could be in line for as much as $95 million over five years should he start on the All-Star team or get voted onto an All-NBA team again this upcoming season, thanks to the "Derrick Rose rule" that allows a team's standout rookie to earn up to 30 percent of the salary cap. Griffin also announced his re-signing on his Twitter page.

Happy to officially sign my extension to #clippernation for 5 more years. Can't wait. Thanks for all the support. — Blake Griffin (@blakegriffin) July 11, 2012

The 2010-11 Rookie of the Year posted averages of 20.7 points on 54.9 percent shooting, 10.9 rebounds, 3.2 assists, 0.8 steals and 0.7 blocks during the 2011-12 campaign, helping the Clippers to the Western Conference semi-finals. Griffin is also one of 12 US Olympians for men's basketball, set to compete in London later in July.  - AMD, GMA News