Jeremy Lin will reportedly be a member of the Houston Rockets. Howard Beck of the New York Times is reporting via Twitter that the New York Knicks will not match the three-year, $25.1-million offer sheet Lin recently signed with the Rockets.
Posting momentarily to nytimes.com: Lin will be a Rocket. Knicks deliberations over.
— Howard Beck (@HowardBeckNYT) July 17, 2012
Here is what Beck wrote in his complete report for the Times:
The Knicks are not expected to announce their decision until this evening, and there is still a chance — albeit incredibly small — that it could be reversed. But as of 4 p.m. the decision had been made and was considered final by those with knowledge of the deliberations. Indeed, the deliberations were said to be over.
There had been much speculation as to what the Knicks would do with the young point guard, who spawned the 'Linsanity' craze last season when he came from the end of the Knicks' bench to star for a period of about a month after having been released by two other NBA franchises, including Houston. Lin is one of few Asian Americans to ever play in the NBA, and his heritage, personality and fearless style of play spawned what seemed like a world-wide craze.
Lin ended up averaging 14.6 points and 6.2 assists per game for the Knicks last season.
[SB Nation: Jeremy Lin Headline Puns, Really Bad Headline Puns]
The contract with Houston included a $14.8 million salary in the third year, which would have forced the Knicks to swallow a devastating salary cap hit.
This is sure to be a decision that angers Knicks's fans, if the results of our poll are any indication.
SB Nation's Posting and Toasting is "heartbroken" over the news:
I think this sucks a lot. As a fan, I'm heartbroken. As an objective analyst of basketball things (or at least someone who tries to be that sometimes), I think the Knicks are making a mistake. Even if Lin amounts to nothing, it has been thoroughly demonstrated that New York had nothing to lose but cash-- not flexibility, not the chance to add somebody else of equal caliber-- in matching. The "poison pill" could have been obviated. All New York had to lose was straight cash, which is something they've have had no problem squandering pretty much right up until today.
Whatever the case may be, best of luck to you in Houston, Jeremy, and thank you for everything. You were almost single-handedly responsible for the best two weeks of my life as a basketball fan.
Stay here for more reaction to the news as it filters in.