The New York Knicks on Tuesday night confirmed that they will not match the Houston Rockets' offer for Jeremy Lin, meaning the curtains have closed for Linsanity on Broadway. The point guard will officially join the Rockets on a three-year, $25.1 million contract. Newsday's Al Iannazzone reported the Knicks' confirmation on Twitter.
The 23-year-old would've been a steal at $5 million in the first two years, but a guaranteed salary of $14.9 million in the third year of the deal wasn't something the Knicks were comfortable doing. Ultimately, it would have forced the Knicks to pony up substantial dollars in luxury-tax penalties -- between $30-40 million -- if they had decided to match. Houston designed the contract structure in order to discourage the Knicks from matching, and it certainly worked, even against a big-spending team like New York.
Madison Square Garden chairman James Dolan had the final say, and ultimately it seems like the decision was that the point guard was too expensive in the third year -- and wouldn't be worth it value-wise, either.
Now the Knicks will enter the 2012-13 season with Raymond Felton and Jason Kidd manning the point guard position, veterans at this stage of their careers who certainly won't bring the excitement -- or skill set -- to New York that Lin did.
Lin, who was claimed off of waivers from the Golden State Warriors at the end of December, spent 26 of his 35 games with Knicks as their starter. He averaged 14.6 points and 6.2 assists on the year, one that ended with season-ending surgery on a torn meniscus in his left knee.