Report: Lin signs Rockets offer-sheet
Jeremy Lin has reportedly signed the three-year offer sheet offered by the Houston Rockets, according to ESPN New York.
The deal is said to be worth just over $25 million and is back-loaded, with Lin set to earn $5 million in the first year of the contract, $5.225 million in the second year and $14.8 million in the third and final year.
The Knicks have been rumoured to be willing to match any offer for the restricted free agent, and if reports of Lin signing Houston's offer sheet on Friday are true, New York will now have until Monday to match.
If the Knicks do match the lucrative offer, they will likely be hit with a severe luxury tax penalty in the third year, which is why these back-loaded offer sheets are known as "poison pill" offers.
New York is already set to pay the trio of Carmelo Anthony, Amare Stoudemire and Tyson Chandler over $50 million per year over the next three seasons.
Lin, 23, averaged 14.6 points and 6.2 assists in 35 games with the Knicks last season before suffering a season ending knee injury.