The New York Knicks have decided not to match the Houston Rocket's three-year, $25.1 million offer sheet for Jeremy Lin, according to multiple reports. Unless they change their minds before the 11:59 p.m. ET deadline, Linsanity will be heading over to Houston.
Lin took the sports world by storm last season when he stepped into the Knicks' starting lineup and revitalized the team and the franchise. The Asian-American point guard from Harvard became a worldwide phenomenon before a knee injury ended his season before the playoffs.
Lin initially agreed to a four-year offer sheet worth about $28 million with Houston. The Rockets threw a curveball at the Knicks by revising the offer and making it three years and including a guaranteed salary of about $15 million in the third year. If the Knicks agreed to that deal, they'd have to pay a hefty luxury tax in 2014-15 - between $30-40 million.
One sports consultant said the adjustment to the offer sheet was a stroke of genius by Rockets general manager Daryl Morey.
If Lin leaves for Houston, it will be an incredibly disappointing day for Knicks fans. Linsanity was arguably the best thing to happen to the franchise since its 1999 NBA Finals appearance, uniting a city behind a player who transformed from NBA bench warmer to international sports star in about a week's time.
Watch Jeremy Lin’s Top 10 Plays:
