Los Angeles, CA -- (Sports Network) - A day after losing power forward Elton Brand to the 76ers, the Los Angeles Clippers officially signed point guard Baron Davis to a five-year deal worth a reported $65 million Thursday.

To clear cap space for the move the Clippers renounced their rights to five players, highlighted by point guard Shaun Livingston, making the 22-year-old an unrestricted free agent.

In a surprise move, Davis opted out of the final year of his contract with the Warriors, which would have paid him $17.8 million next season. The 29-year-old averaged 21.8 points, 7.6 assists and 4.7 rebounds per game last season for the Warriors, his fourth with Golden State.

A Los Angeles native who played his college ball at UCLA, Davis owns career averages of 17.1 points, 7.2 assists, and 4.1 rebounds per game over nine seasons with the Hornets and Warriors. In 46 career playoff games he has averages of 19.8 points, 6.5 assists, and 4.6 rebounds, highlighted by leading Golden State's stunning upset of the top-seeded Dallas Mavericks in the first round of the 2007 playoffs.

The move comes at the right time for the Clippers, who saw Brand sign with the Sixers yesterday after he opted out of the final year of his contract in June.

Livingston, at one time considered a promising point guard for the Clippers, is still recovering from a devastating knee injury suffered in 2007. Drafted fourth overall in the 2004 draft out of high school, Livingston was averaging 9.3 points and 5.1 assists per game for the Clips in the 2006-07 season before landing awkwardly after a missed layup in a game against the Bobcats in February, 2007.

The 22-year-old dislocated his left kneecap, and tore his anterior cruciate ligament, posterior cruciate ligament, lateral meniscus, among other resulting injuries in the knee. He missed the entire 2007-08 season while recovering from the injury and resulting surgery.

The Clippers also renounced to rights to Dan Dickau, Boniface Ndong, Smush Parker, and James Singleton on Thursday.