July 17th 2012: The New York Knicks do not match Jeremy Lin’s offer sheet
To the shock of many fans, the New York Knicks officially did not match Jeremy Lin’s offer sheet and thus allowed him to sign with the Houston Rockets. Lin originally signed an offer sheet worth 4 years and $28.9 million. The contract itself was guaranteed for $19 million. The Knicks previously proclaimed that they would match any offer sheet offered to Lin.
However, Rockets GM Daryl Morey added a poison pill into the contract. He revised the offer sheet to include a $15 million balloon salary in his 3rd year. Morey revised the contract to a 3 year $25 million deal. The $15 million contract. The third year of the contract would have cost the Knicks almost $40 million in luxury tax alone. After Morey revised the offer sheet, the Knicks felt hesitation in matching the contract.
At the same time, James Dolan felt betrayed that Lin and/or Morey went back to revise the contract. The lack of loyalty and trust definitely played a role in the aftermath of the offer sheet. The Knicks subsequently acquired Raymond Felton, officially putting Lin’s future with the team in jeopardy.
Due to the factors above, the Knicks didn’t match the Rockets’ offer sheet. Fans were clearly disappointed after witnessing Linsanity. In hindsight, it was the right move for the franchise. Lin only played one solid season during the contract (2012-13), but a propensity for turnovers and unease playing with both James Harden & Kobe Bryant demised him over the remainder of the deal.
Knicks Film School Historian, amongst other things