NBA Free Agency 2012: Houston Offers Jeremy Lin $31 Million Contract

Jeremy Lin's incredible story is about to start a new chapter, a very rich one. The Houston Rockets met with the restricted free agent on Wednesday, and made him a contract offer worth $31 million, according to the New York Post.

The deal is for three years, with a player option for a fourth year. Houston's offer would pay Lin $5 million in the first season and $5.2 million in the second season before the back-loaded money takes effect over the final two years of the deal. Dubbed a so-called "poison pill" offer, the salary jumps to around $10.5 million in the final two years that could create a luxury tax problem for the Knicks in the 2014-2015 season, the third year of the deal.

Houston's offer puts the Knicks in a difficult spot. After losing out on the Steve Nash chase, reports said that New York would match whatever offer Lin received.

The report says that Lin's preference is to stay in New York. The Dallas Mavericks could also try to lure him as well. Houston was one of two teams that cut Lin last year, Golden State being the other, allowing the Knicks to grab him.

-- For more on the Knicks, please be sure to check out our blog Posting And Toasting and SB Nation New York for all the latest news and updates.

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