The Rockets agreed to terms with Jeremy Lin today, a person with knowledge of the deal said.
The Houston Chronicle reported on Thursday that the Rockets, the former club of Chinese star center Yao Ming, were prepared to offer a backloaded four-year deal for about $30 million to the American of Taiwan and Chinese heritage.
Lin will sign an offer sheet with the Rockets on July 11. The first two seasons of the contract are worth $10.2 million. the third and fourth season is worth $9.3 million, with the fourth season at the team’s option. The Knicks will have three days to match.
The Knicks have indicated that they would match any offer sheet Lin signs, but the Rockets heavily back-loaded the contract in the third season to force the Knicks to pay a stiff luxury tax penalty if they match the offer. The Rockets are not optimistic that the Knicks will let Lin walk, a person familiar with their thinking said, but wanted to give them that chance.
Lin, whose parents are from Taiwan and a grandmother from China, became a smash Broadway hit during last season after having been cut by two NBA clubs, including the Rockets, and being tucked away on the Knicks’ bench.
Injuries to two starters allowed the former Harvard University standout a chance to play and Lin responded by sparking a seven-game Knicks win streak, his clutch shooting and passing skills earning him adoration from fans.
“Lin-sanity” became a worldwide phenomenon and even after his role was reduced he served as an inspirational tale.
The Rockets failed in a bid for Canadian star guard Steve Nash, who has made a reported deal with the Los Angeles Lakers.
The Knicks, who could offer Lin a four-year deal worth $24.5 million, reportedly could be interested in veteran guard Jason Kidd if Lin leaves.
Lin averaged 14.6 points and 6.2 assists a game last season for the Knicks.
Yes! Stay in NYC!!