Pelicans officially sign Anthony Davis to record 5-year deal

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It's official: the NBA's next overlord will be reigning supreme in Louisiana.

The New Orleans Pelicans announced early Thursday morning that Anthony Davis officially signed a five-year contract.

News of the deal broke on July 1, but with the lifting of the NBA's free-agency moratorium on Thursday, verbal agreements can now be made official.

The deal is reportedly worth $145 million, though that's subject to change based on the rising cap environment, as a maximum contract is tied to final cap numbers in the first season of the deal. Based on current cap estimates, Davis's deal would represent the richest contract in NBA history, topping the seven-year, $136.4-million deal Kobe Bryant signed in 2004.

The enormity of the contract speaks not only to Davis's singular talents - his salary estimate is so high because he's expected to reach the Derrick Rose Rule criteria that allow for a larger rookie-scale extension - but also the financial health of the league, which will see the salary cap rise appreciably in the next two years. That also makes it likely Davis's record-setting deal will be topped, possibly by LeBron James in 2016 or 2017.

The importance of this transaction can't be overstated for a franchise and city that has sometimes struggled to retain superstars. The deal keeps Davis in the fold through at least 2020 and perhaps as long as 2021, when he'll still be in his prime at age 28.

Over the last three seasons, Davis has emerged as a true star, proving unguardable on offense and causing havoc on defense. The team-level success started to come in 2014-15 with his first career playoff appearance, and the Pelicans worked quickly to lock in last season's core for a few seasons longer.

By signing Davis now, New Orleans sacrificed a bit of cap flexibility next summer, when his cap hold as a restricted free agent would have been less than his salary. That matters, but the impact is small relative to the value of showing Davis the love, putting the fan base at ease, and entering the 2016 offseason with no threat of Davis leaving or signing a short-term deal.

Davis averaged 24.4 points, 10.2 rebounds, 2.2 assists, 1.5 steals, and a league-high 2.9 blocks while posting a league-best 30.8 player efficiency rating last season.

In what should be terrifying news for the rest of the Western Conference, coach Alvin Gentry will likely push the tempo and make even better and more creative use of Davis's otherworldly abilities, including stretching him to the 3-point line and using him at center.

One of the best players in the league staying in New Orleans for at least a half-decade longer is cause for major celebration, as if the folks on Bourbon Street needed a reason.