Hornets sign Anthony Davis, Austin Rivers

NEW ORLEANS — New Orleans Hornets first-round draft choices Anthony Davis and Austin Rivers have signed their rookie contracts.

The moves, announced by the club Tuesday, are formalities for players chosen in the first round. The values of their rookie deals are outlined in the NBA’s collective bargaining agreement.

As the first pick in this summer’s draft, the 6-foot-11 Davis receives a three-year guaranteed contract worth a little more than $16 million, with just over $5 million paid in the first year. Davis is part of the U.S. Olympic team that beat Spain on Tuesday

Rivers, a 6-4 guard picked 10th overall, receives a three-year guaranteed deal worth nearly $5.9 million, with nearly $1.9 million paid during his rookie season.

The Hornets’ second-round pick, 6-8 forward Darius Miller, still must negotiate his contract. Generally, contracts for second-round picks are not fully guaranteed.

Davis led Kentucky to the NCAA title as a freshman, while Rivers also left after a stellar freshman season at Duke. Both players are 19 years old. Miller was a senior standout at Kentucky.

The Hornets won the NBA draft lottery on May 30, granting them the top pick. They also had the No. 10 pick (originally from the Timberwolves) in a deal from trading former star Chris Paul in December to the Los Angeles Clippers.

Also Wednesday, the Chicago Bulls signed shooting guard Marco Belinelli, a two-year member of the Hornets.

Earlier this month, the Hornets matched an offer from the Phoenix Suns for restricted free agent Eric Gordon, a 23-year-old shooting guard, and traded for Orlando Magic forward Ryan Anderson.