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"Linsanity" could be close to ending its run in New York – and no one might be more stunned than Jeremy Lin himself.
After the New York Knicks reached agreement Saturday on a sign-and-trade deal with the Portland Trail Blazers to acquire point guard Raymond Felton, Lin's future with the Knicks now appears uncertain at best. New York had been widely expected to match the three-year, $25 million offer sheet Lin signed with the Houston Rockets, but now already has three point guards under contract: veteran Jason Kidd, Felton and Argentine guard Pablo Prigioni. One league source said it's now "highly doubtful" the Knicks match Lin's offer sheet.
"He did not see this happening," Peter Diepenbrock, Lin's coach at Palo Alto High School, told Yahoo! Sports. "He sounded surprised."
The Knicks officially have until 11:59 p.m. ET Tuesday to match the Rockets' offer sheet. Sources close to the Rockets and Lin said Saturday night they had yet to be told of the Knicks' decision. But with Kidd recently signing a three-year, $9 million contract and Felton receiving a three-year, $10 million deal, the Knicks already have made a substantial investment at the point guard position. Matching the offer sheet for Lin also would cause New York to incur substantial luxury-tax penalties; the contract is structured to pay Lin about $5 million in each of the first two years and $15 million in the third year – the same season that the Knicks owe Carmelo Anthony $24 million, Amar'e Stoudemire $23 million and Tyson Chandler $14.5 million. Because of a loophole in the league's rules, Lin would count a little more than $8 million each season on the Rockets' salary cap, but the Knicks have to take the full $15 million hit in the third year.
After the New York Knicks reached agreement Saturday on a sign-and-trade deal with the Portland Trail Blazers to acquire point guard Raymond Felton, Lin's future with the Knicks now appears uncertain at best. New York had been widely expected to match the three-year, $25 million offer sheet Lin signed with the Houston Rockets, but now already has three point guards under contract: veteran Jason Kidd, Felton and Argentine guard Pablo Prigioni. One league source said it's now "highly doubtful" the Knicks match Lin's offer sheet.
"He did not see this happening," Peter Diepenbrock, Lin's coach at Palo Alto High School, told Yahoo! Sports. "He sounded surprised."
The Knicks officially have until 11:59 p.m. ET Tuesday to match the Rockets' offer sheet. Sources close to the Rockets and Lin said Saturday night they had yet to be told of the Knicks' decision. But with Kidd recently signing a three-year, $9 million contract and Felton receiving a three-year, $10 million deal, the Knicks already have made a substantial investment at the point guard position. Matching the offer sheet for Lin also would cause New York to incur substantial luxury-tax penalties; the contract is structured to pay Lin about $5 million in each of the first two years and $15 million in the third year – the same season that the Knicks owe Carmelo Anthony $24 million, Amar'e Stoudemire $23 million and Tyson Chandler $14.5 million. Because of a loophole in the league's rules, Lin would count a little more than $8 million each season on the Rockets' salary cap, but the Knicks have to take the full $15 million hit in the third year.
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