The New York Knicks have decided not to match the Houston Rockets' $25 million offer to Jeremy Lin, according to a report on Tuesday from Howard Beck of The New York Times:
The Knicks plan to cut ties with Jeremy Lin on Tuesday night, according to a person briefed on the decision, ending a brief, spectacular and now bittersweet love affair between the 23-year-old point guard and his adoring fan base. Lin will play next season for the Houston Rockets, who signed him to a three-year, $25.1 million offer sheet that the Knicks have elected not to match.
The Knicks officially have until 11:59 p.m. tonight to decide whether to retain Lin or let him go to Houston. With the offseason acquisitions of Raymond Felton from the Portland Trail Blazers and Jason Kidd from the Dallas Mavericks, rumors began to swirl that Lin's days in New York were numbered. In 35 games last season, he averaged 26 minutes, 14.6 points on 44-percent shooting and 6.2 rebounds. The Rockets quickly found themselves in a hole at the point guard position this offseason, with the departure of Goran Dragic, who reunited with the Phoenix Suns, and Kyle Lowry, now a member of the Toronto Raptors.