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Jeremy Lin Free Agency 2012: Lin Officially Extended Qualifying Offer By New York Knicks, Becomes Restricted Free Agent

The New York Knicks have officially extended a qualifying offer to Jeremy Lin, according to HoopsWorld's Alex Kennedy, making him a restricted free agent this summer.

With his status as a restricted free agent, the Knicks will be able to match any offer Lin receives.

Depending on the outcome of an appeal filed by the NBA, Lin could have early Bird rights with the Knicks, meaning they will be able to sign him to a contract that takes them over the salary cap without needing to use their mini mid-level exception.

An arbitrator surprisingly ruled last week that players claimed off waivers have Bird rights with their new teams. The ruling impacts the Knicks more than any other team, as Lin and Steve Novak were both claimed off waivers.

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.