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Rockets reach deal on offer sheet for Lin; Knicks will match

Jul 5, 2012, 8:09 PM EDT

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The Rockets have spent Thursday negotiating the new Jeremy Lin contract with the New York Knicks. How nice of them to free up Glen Grunwald to chase down Jason Kidd.

As expected, after a day of talks Houston and GM Daryl Morey have reached an agreement on a three-year offer sheet (with a team option for the fourth year) that they will give to Jeremy Lin on July 11, according to multiple reports. The money is $5 million the first year and $5.2 million in year two (the most he can make those seasons under the CBA), then a “poison pill” of $9.3 million in years three and four, according to Adrian Wojnarowski of Yahoo Sports and the NBC Sports Network.

The Knicks are going to swallow that pill without blinking.

Every source in the Western hemisphere has said since before any offer sheet was finalized that the Knicks would match an offer. As a source told Marc Stein of ESPN, they would match an offer up to $1 billion. (Say that last sentence again in your Dr. Evil voice.) Those final years are a luxury tax burden on the Knicks — they will have $77 million on the books for three years from now when the new, stiffer tax penalties are in place — and they will pay it. (Which will be tax money that flows down to the Rockets.)

The fact is that while this deal is overpaying for the nice but not thrilling (at least outside the Mike D’Antoni offensive system) you get from Lin, it pales in comparison to what he brings in financially from ticket sales, sponsorships, merchandise sales and the rest. Lin is a hot commodity and the Knicks will pay to keep him.

But at least they didn’t have to spend the man-hours negotiating the contract.

Meanwhile, the Rockets keep swinging for the fences and striking out. Which is still better than the rut they were in, stuck in the NBA’s middle ground.

  1. Mr. Wright 212 - Jul 5, 2012 at 9:02 PM

    I’m really getting tired of Morey. These are some real bitchass moves, man. But Grunwald has said all along that he will match, because there was only so much money that could have been offered to Lin. It’s just about how it will be distributed. They can always restructure it and add the 3rd and 4th years on to a new 5 year deal after the second year of this deal and avoid the luxury tax, but Morey, that’s TWICE.

  2. flyrocket31 - Jul 5, 2012 at 9:44 PM

    dang it rockets!

    • rocketsbb - Jul 5, 2012 at 11:24 PM

      I’m glad Morey at least tried to make some big moves other than just sitting around settling with the average team they already have. I prefer them losing a lot and getting deep in the lottery than being the team that misses the playoffs by a game or two and gets the 14th pick in the lottery AGAIN!

  3. saint1997 - Jul 5, 2012 at 10:52 PM

    I get the plan of the Rockets but they could afford to steal some lessons from the Lakers and be a little more patient with their moves. They’re blowing up their roster but they had some nice pieces and are instead getting shite all back and making silly FA moves (see Omar Asik..)

  4. jaydukes2 - Jul 6, 2012 at 12:05 AM

    The Rockets should be an example to other middle of the pack teams, middle of the pack is worst then being the worst because if you’re going to miss the playoffs at least be promised a high pick in the lottery while doing so.

    • cassmoney - Jul 6, 2012 at 12:46 AM

      Yeah true that man, and if I am not mistaken. The Lowry deal isn’t lottery protected? So we could end up with 2 nice lottery picks.

  5. dysraw1 - Jul 6, 2012 at 12:33 AM

    The Knicks should leave that deal on the table this is why franchises claim their going under. poison pill indeed

    • Mr. Wright 212 - Jul 6, 2012 at 1:54 PM

      I agree as a Knick fan. I want Lin back, but if there is a way to STICK IT TO THIS POS, I wish they could.

  6. pellypell - Jul 6, 2012 at 6:34 AM

    NYC CableVision bills to increase in 3….2…

    • Mr. Wright 212 - Jul 6, 2012 at 1:54 PM

      They’re going up anyway with the cost of the renovations. Thank God I’m on Time Warner lmao

  7. njsteeler - Jul 6, 2012 at 8:51 AM

    They have to re-sign Jeremy. Kidd is not the future at the PG position, and Jeremy showed as much promise as any recent highly drafted PG. It’s a no-brainer IMHO. You have a young PG that is about to be mentored by one of the best to ever play the game, and a certain HOFer. Match it

    • dysraw1 - Jul 6, 2012 at 11:40 AM

      40 yr old point guards don’t do it for me i mean even J Lin rang up 28 & 12 on him. as far as J Lin goes ill say it again, what he did last season was remarkable we all know hes capable, but hes not ready

  8. mojosmagic - Jul 6, 2012 at 9:47 AM

    This guy might be the most overrated basketball player in the history of the NBA.

  9. truthhurtstoo - Jul 6, 2012 at 1:37 PM

    knicks are hopeless lost in the desert…..

  10. imforbigblue - Jul 6, 2012 at 1:45 PM

    They think Lin will bring all these ppl to games and sell tickets and jerseys but next year when he’s back to playing back up pg and playing half ass ppl will forget about him like they did last year. So have fun waaaay over paying a back up pg Knicks lol

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