With point guard Raymond Felton on his way to New York via a sign-and-trade deal with the Portland Trail Blazers, evidence is mounting that the Knicks will not match the Houston Rockets’ offer sheet to Jeremy Lin.
The Knicks are still deliberating whether they can pay Lin more than $25 million over three years, but two sources within the Knicks organization tell ESPN’s Stephen A. Smith that the Knicks will not match the offer.
A team source tells ESPNNewYork.com’s Ian Begley that the third year of the Rockets’ offer –worth $14.8 million – makes it unlikely the Knicks would match. If the Knicks were to match the offer, they would also be subject to a luxury tax in the third year, bringing their total out-of-pocket cost for Lin to about $30 million in 2014-2015.
The Rockets’ offer to Lin would pay him $5 million in the first year, $5.225 million in the second and $14.8 million in the third, according to sources.
A source close to the process told ESPN.com’s Marc Stein the Knicks received the offer sheet Saturday night, meaning they have until 11:59 p.m. ET Tuesday to match it or let Lin go to the Rockets.
A source close to Lin told ESPNNewYork.com that the Knicks’ trade for Felton caught Lin off guard.
“He was very surprised,” the source said. “He felt the whole time that the Knicks would just match the offer.”
Initial reports had the Rockets offering Lin a four-year deal for around $28 million. That deal included salaries of more than $9 million in each of the last two years, which would be a big hit on the Knicks’ salary cap.
Still, the organization seemed intent on matching.
“They will match any offer on Lin up to $1 billion,” a source told ESPN.com’s Stein last week.
Knicks coach Mike Woodson said Wednesday that Lin would not only be back but would enter next season as the Knicks’ starting point guard.
Information from Espn.com contributed to this report.