- Posted: 4:28 PM, July 13, 2012
Anthony J. Causi
LAS VEGAS -- Jeremy Lin has signed a revamped Rockets offer sheet for three years and $25 million, according to a league source. All $25 million is guaranteed.
With the previous offer sheet Lin was to be guaranteed $18.5M of a four-year, $28.8M offer sheet. There is no fourth year on this deal.
The Knicks expect to receive the offer sheet soon and have 72 hours to match.
A league source said the Knicks were "unhappy'' at the change in the terms, but Houston was in its right because Lin wasn't able to sign the documents until July 11. A source said the Rockets were desperate because they've lost all their point guards and wanted to make it harder on the Knicks.
The Knicks were originally expected to get the offer sheet two days ago but the Rockets dragged their feet amid reports the Knicks were planning to match it.
In this new deal, Lin will make $5M the first year, $5.2M in year two and the maximum $15M in year three.
In previous offer sheet Lin was to make $9.3 million in the third year. Sources said Lin was unhappy the third year was so low and his camp tried to get Houston to increase it.
The Knicks have played hardball with Lin, making him go out and seek an offer. It cost him a chance to practice with the U.S. Select Team as he withdrew July 5th to visit Houston.
Mike Woodson said this morning he hopes Lin will stop by the Knicks summer league practices to work out in the next week. Woodson said it was unfortunate he "decided not to play'' in the Select Team but understood it was because he didn't want "to get hurt'' before his contract was official.