The Knicks have held firm that they will match any offer sheet signed by Jeremy Lin this offseason.
As recently as Thursday, head coach Mike Woodson and General Manager Glen Grunwald reiterated those sentiments, but with Lin reportedly signing an offer sheet with the Houston Rockets on Friday afternoon, the Knicks are now officially on the clock.
Lin has reportedly signed an offer sheet with the Rockets valued at $25.1 million over three years. The caveat with that offer sheet is while the first year of the deal will pay the worldwide phenomenon just $5 million, the third year jumps to a guaranteed $14.9 million.
The Knicks will have three days to match the offer sheet and they have some serious thinking to do in that time.
The original terms of Lin’s offer sheet from the Rockets on July 5 were four years and a back-loaded $28.8 million. That original deal was designed to hit the Knicks hard on the luxury tax, but it also benefited them as the fourth year at $9.3 million was a team option. That means if Linsanity turned out to be a fad, the Knicks could have theoretically severed ties after three years and only $19.5 million.
While introducing free agent acquistions Marcus Camby and Jason Kidd at the MSG Training Center in Greenburgh on Thursday afternoon, Grunwald reiterated that it is the team’s intention to match any offer sheet signed by Lin.
“I think it’s likely we’ll bring him back, we’ll make that decision when we need to make that decision, but now is not the time,” Grunwald said.
Talking to a group of reporters on Thursday in Las Vegas where the Knicks’ summer league roster is preparing for action in the NBA Summer League beginning Saturday afternoon, Woodson echoed his General Manager’s comments.
“Jeremy Lin has always been a big part of what we’re trying to do as we move forward with our franchise,” Woodson said.
Lin burst onto the scene in February as an undrafted, unheralded second-year point guard and quickly took the NBA and the world by storm. He averaged 14.6 points and 6.2 assists over 35 games. He started 25 consecutive games and is credited with helping to save a season that was quickly heading towards the abyss before being lost for the remainder of the season on March 24 with a slightly torn left meniscus.
Lin had successful surgery on April 3 and rehabbed on time in an effort to play in the Knicks’ first round playoff loss to the eventual-NBA champion Miami Heat, but never suited up.
