Knicks restricted free agent point guard Jeremy Lin will officially become a member of the Houston Rockets, as multiple reports are confirming that the Knicks have declined to match the three-year, $25 million offer sheet Lin signed with Houston over the weekend.
Lin’s offer sheet was loaded in the third year of the deal, with Lin to receive $5 million for the first two years then will balloon to $15 million for the 2014-2015 season, where the Knicks are already committed to over $60 million for Carmelo Anthony, Amar’e Stoudemire and Tyson Chandler and not including the contracts of Jason Kidd, Marcus Camby, and Steve Novak.
Matching Lin’s offer sheet would have pushed the Knicks 2014-2015 payroll to well over the luxury tax line and would potentially cost the Knicks as much as $43 million. The Knicks signed Raymond Felton Saturday, all but assuring that they were leaning towards letting Lin go to the Rockets.
Jeremy Lin became a global phenomenon during the 2011-2012 season where he averaged 18.2 ppg and 7.7 apg in a 25-game stretch as the Knicks starting point guard after going undrafted out of Harvard in 2010. Lin was cut by both the Warriors and Rockets in 2011 and spent time in the NBA’s developmental league before landing with the Knicks last season.