Jeremy Lin agrees to one-year deal with Houston Rockets, New York Rockets still in background

7/7/12 in NBA   |   Mia781   |   953 respect

New York Knicks’ restricted free agent Jeremy Lin, who became an instant sensation in February for scoring 20 points in nine out of 10 games after going undrafted out of Harvard, reportedly already has a deal from the Houston Rockets. The New York Knicks have known all along that Jeremy Lin is being actively pursued by other teams, but they have avoided making any offers yet, judging to summit a counter deal once they completely determine the point-guard’s market value.
Jeremy Lin had been claimed off waivers from the Golden State Warriors by the Houston Rockets. However, after the team’s training camp and just a month with the Houston Rockers, Jeremy Lin was again on the move to the New York Knicks. The Houston Rockets already feathered Kyle Lowry and Goran Dragic on the roster and were in dire need to clear cap space. Later, when Jeremy Lin shot to fame with the New York Knicks due to a 38 point and seven assist contribution in the February 92-85 victory over the Los Angeles Lakers, Houston Rockets executives publically admitted that the prior decision to part with player had been a mistake. The Houston Rockets have been trying to amend that fault made last season by shipping Kyle Lowry to the Toronto Raptors and Goran Dragic going to the Phoenix Suns to make space for Jeremy Lin.
The Houston Rockets may be ever closer since Jeremy Lin agreed to a four-year offer sheet for reportedly $28.2 million. The Salary capped Houston Rockets are offering Jeremy Lin a backloaded deal with a chance to rake in $10.2 million during the first two years and $9 million in the final two year of the contract. However, the Houston Rockets will maintain the option to pull out the fourth year of the contract.
"Jeremy Lin's an excellent player," said Houston Rockets general manager Daryl Morey. "We got to know him firsthand when he was with the Rockets early this season. We think he'd make a fantastic addition to our team."
Until now, Jeremy Lin has only made a verbal agreement on the deal with the Houston Rockets and will wait for 11 July to clear the restrictions on new free agent deals. During the three days leading to the deadline, the New York Knicks can make a counter proposal to Jeremy Lin. The New York Knicks may take a stand in the battle for Jeremy Lin with a four-year deal worth $24.5 million.
The New York Knicks are cautious going on with a deal with Jeremy Lin, since they already owe four players a collective $64 million per year, and the team will take a major hit with the new collective agreements’ luxury tax in the 2013-2014 season.
Jeremy Lin averaged 14.6 points, 6.2 assists as well as 3.1 rebounds during 35 game appearance, in which he made 25 starts. However, Jeremy Lin’s season was cut short due to as season-ending surgery to repair a torn knee cartilage.
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