Our NBA source has told us that the New York Knicks are on the verge of landing point guard Raymond Felton through a sign-and-trade with the Portland Trail Blazers. The result of that deal is that New York will not, in fact, match the offer sheet restricted free agent Jeremy Lin signed with the Houston Rockets.
(As I was writing this, several other outlets began reporting the Felton deal.)
Marc Berman of the New York Post claims his sources have said the Knicks definitely won’t match Lin’s offer sheet. In what is a weird twist, Berman also has a source that claims the Rockets have been unsuccessful delivering the offer sheet to Knicks general manager Glen Grunwald.
NBA rules state that offer sheets have to be physically delivered, and once the Knicks have from the Rockets, they will have a three-day window to match it.
Houston’s offer for Lin is worth a little more than $25 million over three years. Lin would make $5 million in the first year, $5.225 in the second, and $14.8 million in the third.
Our league source told us last week the Knicks had no plans on letting Lin walk, but those plans have apparently changed. Felton will apparently be their point guard of the future and they are willing to let the insane marketing potential of Linsanity walk away.
To be fair, the offer sheet Lin agreed to with the Rockets was ridiculous. He had a nice season but there is nothing to suggest he will be worth anything close to $14.8 million in three years.
Earlier in the day the Knicks said they won’t match the Toronto Raptors’ three-year, $20 million offer sheet to Landry Fields either.