Linsanity in the Big Apple is about to come to an end with the New York Knicks likely passing on the opportunity to match an offer sheet from the Houston Rockets to sign point guard Jeremy Lin.
It seems as though the Lin fever in New York will end as fast as it began. Even though the Knicks’ front office claimed that they’d top any offer given to Lin, the newest deal for the up-and-coming floor general would’ve put the Knicks well over the luxury tax in the near future.
Reportedly, the Knicks have agreed to re-acquire point guard Raymond Felton from the Portland Trail Blazers in a sign-and-trade. Once this deal became official, the consensus was that New York was willing to let Lin walk. The real problem from here on out is whether or not the Knicks can afford to pay Lin more than $25 million over the next three years.
Now that the new CBA punishes big-market teams for multiple lucrative contracts in an effort to create parity around the league, the Knicks are one of the teams that will struggle to pay big-name players. With Carmelo Anthony, Amare Stoudemire and Tyson Chandler all making a lot of money over the next few years, the Knicks will be severely hit with the NBA’s luxury tax and that is what has led to New York’s reluctance to match the Rockets’ offer sheet sign by Lin.
With almost $15 million in the third year of the contract ($14.8 million), the Knicks are set to face a major hit in the luxury tax. This may turn out to be way too much for the Knicks to take on. The Rockets on the other hand will pay the up-and-comer about $25 million. That appears to be the winning bid thus far.
- Jeremy Lin Signs $30 Million Dollar Offer Sheet with Houston Rockets
- Cavaliers Offer Sheet Matched by Houston Rockets to Keep Kyle Lowry
- Jason Kidd Decides to Sign with New York Knicks Over Dallas Mavericks
- No Guarantee Jeremy Lin Re-Signs with the New York Knicks
- NBA Trade: Denver Nuggets trade Carmelo Anthony to the New York Knicks
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