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Jeremy Lin Rumors 2012: Knicks "Unhappy" With Offer Sheet Negotiations

The New York Knicks aren't feeling good with the way offer sheet negotiations have gone with their star point guard, Jeremy Lin.

According to the New York Post, the Knicks were furious to find out the Houston Rockets offer has been enhanced to $25 million guaranteed over three years. Further, the Rockets back-loaded the contract, putting New York into a major luxury tax bind should they match the offer.

The deal is set to pay Lin $14.9 million in the third year, making the Knicks responsible for approximately $87 million that year committed to just eight players.

Head coach Mike Woodson can't be thrilled about the situation, but certainly isn't showing any kind of panic when discussing New York's plan regarding Lin.

"I don’t know. Until we get it in hand and Glen [Grunwald, the general manager] is able to evaluate everything, we’ll make a decision," Woodson said.

Houston general manager Daryl Morey is doing whatever he can to re-acquire Lin after letting him go prior to last season. Now it appears the Knicks will have to pay dearly in order to keep Linsanity in town.

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