Well, I was in the middle of writing a post outlining some more reasons why the Knicks should keep Jeremy Lin, but Howard Beck just broke the news: Jeremy Lin will NOT be matched by the New York Knicks.
There’s been some chatter this morning on Twitter revolving around the stretch provision, so I thought I’d give everyone a quick explanation.
The stretch provision allows for teams to cut a player, then “stretch” out his contract for two times the remaining length, plus one additional year. As an example, let’s use Jeremy Lin.
As it currently stands, Raymond Felton and Jason Kidd are the two point guards on the Knicks’ roster. Jason Kidd signed a three-year deal for the mini-MLE, while Raymond Felton was the centerpiece of a sign-and-trade, which let him receive a three-year deal reported as $10 million (I’m nearly 100% sure Knicks can’t offer more than $8,797,352.7, so there must be incentives that push it closer to $10 million). The Knicks will have until 11:59 PM EST to decide if they want to match Jeremy Lin’s offer-sheet with the Houston Rockets, and right now, there’s no definitive way to tell which way the Knicks are leaning.
Just when it seemed like the Knicks were going to have a quiet off-season where they would keep most of the team together, the team goes out and acquires former Knick, Raymond Felton, in a sign and trade with the Portland TrailBlazers. With the team acquiring another point guard to go along with Jason Kidd and Pablo Prigioni, all signs point to the end of the Jeremy Lin era in New York, as multiple media outlets have reported that the Knicks are unlikely to match Lin’s offer sheet with the Houston Rockets; the Knicks still have until Tuesday night to decide if they are going to keep the 23-year-old point guard. It makes little sense to keep 4 point guards on the roster, but hey, this is the Knicks. Nonetheless, it appears as if the Knicks are choosing Raymond Felton over Jeremy Lin, which has many scrambling to compare the production of the two players. This will be a two part series in which we compare their offensive and defensive games. First up: Offense.
When the reported offer-sheet the Houston Rockets agreed to with Jeremy Lin was released as four-years, $28.8 million, there were indications that the Knicks planned to match any offer “up to one-billion dollars.” Now, after we’ve learned that Jeremy Lin’s actually deal pays him $25.1, guaranteed, in a three-year deal, we have seen the Knicks work a sign-and-trade for Raymond Felton, which leaves us unsure if the Knicks will choose to match Lin’s offer-sheet.
As reported by multiple sources, it appears Raymond Felton is close to joining the Knicks. The Knicks’ only remaining trade chip is Dan Gadzuric’s non-guaranteed deal, which would allow them to send out his $1,352,181 contract and receive up to $2,128,271. Since Felton will likely demand a bit more than the veteran’s minimum, it’s likely the Knicks will pursue a sign-and-trade with the Blazers to get him. In such a sign-and-trade, Felton could make up to $2,128,271, which could prove to be a steal if he shows up in shape and ready to work, or a mistake if regresses even more so than last season.
I’ve gotten a bunch of questions about Jeremy Lin and his contract, so thought I’d just quickly give you all a rundown of what’s going on.
Last week, we learned that the Houston Rockets came to terms on an offer-sheet with Jeremy Lin. The reported value of the deal was four-years (with the fourth being an option), worth $28.8 million. Since it agreed to during the NBA’s moratorium period, nothing could be signed until the moratorium period ended on July 11th. As the clock struck 12:01 AM on July 11th, free-agents were allowed to sign with new teams, and restricted free-agents were permitted to sign offer-sheets. Numerous deals went down on the first official day of free-agency, but even more trickled in the following day.
The rise of Jeremy Lin has made the young point guard one of the most polarizing players in New York. There seems to be a myriad of ridiculous misconceptions concerning the 23 year old point guard that has made evaluating his contract situation extremely difficult. Lin’s detractors will say that the he is just a backup, that the Knicks are only re-signing him to appeal to Asian Americans, or that Lin will force the Knicks to pay a huge luxury tax bill. These doubts have prompted some to believe that Lin is simply not a good fit for New York. This notion is completely ridiculous, misguided by stereotypes and hypocrisy. Truth be told, the Knicks need Jeremy Lin, the basketball player, more than any of Lin’s critics could possibly imagine.
Last night, Jeremy Lin and the Houston Rockets came to terms on a four-year deal worth $29.8 million. The deal will give Jeremy $5 million in the first year, $5.2 million in the second year, $9.2 million in the third year and the fourth year is a player option of $9.2 million. Somehow, Jeremy Lin will be signed for less guaranteed money than Landry Fields. After signing Jason Kidd to backup Lin, the Knicks were prepared to match any offer Lin received. As Marc Stein of ESPN said the Knicks “will match any offer on Lin up to 1 billion dollars.”
Last night, it was learned that Steve Nash will be sign-and-traded to the Los Angeles Lakers for two first round picks (2013,2014), two second round picks (2013,2015), as well as $3 million. The move comes on the heels of several rumors sending Nash to New York.
The biggest free agent prize has finally made up his mind and dominos are starting to fall all over the NBA free agency landscape. As the new cross-town rival Brooklyn Nets continued their makeover by re-signing their star point guard Deron Williams to a five-year deal worth $100 million, the Knicks continue to wait on the other star point guard in free agency, Steve Nash. However, a clever move by his Canadian suitors may move things along quicker.
Tonight, Jeremy Lin released a statement saying that he’s withdrawing from the 2012 Men’s Select Team.
Unfortunately, I am not going to be able toparticipate in the 2012 Men’s Select Team this summer. It was such an incredible honor to be selected, but I have withdrawn my name from the team because of my status as a free agent. I hope to have the opportunity to participate with USA Basketball at some point in the future.