Houston Rockets Sign Jeremy Lin

Sources tell ESPN that Jeremy Lin has signed an offer sheet with the Houston Rockets, as expected. The new contract is reported to be $25 million for three years. The contract would break down as $5 million, $5.225 million, $14.8 million over the three years. 

The New York Knicks now have three days to match the offer signed by Lin and the Rockets, or Linsanity will leave New York. The large market team saw increases in attendance, merchandise, and television ratings when the undrafted Harvard University graduate became a star in the making.

If the New York Knicks match Jeremy Lin's contract offered by the Houston Rockets, it would give them four players all making over $14 million in the 2014-2015 season. Currently the Knicks have the following players signed for 2014-2015....

• Amare Stoudemire - $23.4 million
• Carmelo Anthony - $23.5 million
• Tyson Chandler - $14.6 million
• Iman Shumpert (Team Option) - $2.8 million

The Knicks seem pretty confident that they will be resining Jeremy Lin. The Knicks recently named Lin the starter, a weird move considering the Knicks signed Jason Kidd, Jeremy Lin is not under contract, and preseason has not even started.

If the New York Knicks do not match the offer from Houston Rockets, Jeremy will begin looking for a new couch to crash on in Houston. Jeremy Lin could find himself a teammate of Dwight Howard's in the state of Texas. The Houston Rockets are freeing up cash and working on making a deal to receive the highly coveted center.

Time will tell in three days if Jeremy Lin is a Houston Rocket or New York Knick. With summer league ball going on and preseason right around the corner, it will be nice to get past the free agency drama.