The Bullets have signed UDC's Michael Britt, second-round draftee . . . Larry Bird, signing in Boston for $15 million through 1990, said, no doubt about it, it's his last contract; he'll be 34 when it expires. What will he do with all that Celtic money? "I plan on living a long time" . . . Celtic Robert Parish's agent softens his holdout threat: "We feel strongly about the sanctity of a contract and I think we'll be talking about something other than renegotiation" . . . Larry Wright, of the Bullets' championship days, now is one of 54 Americans on Italian teams, leading defending champion Banco di Roma . . .

And, after the NBA edict, the New Jersey Nets' Michael Ray Richardson at a "clear-the-air" news conference, said with cocaine dependency for which he spent five weeks rehabilitation (ended Sept. 6) at Minnesota's Hazelden, "Slowly but surely, I was killing myself." The flashy guard said he feels revitalized but knows it will be a daily battle to stay clean--"The NBA doesn't understand, it's not drugs, it's a disease. Like cancer or something. Guys need help." And, he fears under the threat of banishment, guys might be reluctant to seek it.