Lin signs 3-year, $25.1 million offer sheet

July, 13, 2012
7/13/12
6:41
PM ET
It's your move, New York Knicks.

Jeremy Lin has signed a three-year offer sheet with the Houston Rockets, according to a source close to the talks. The deal is worth a little more than $25 million -- $5 million in the first year, $5.225 million in the second year and $14.8 million in the third year. The Knicks have three days to match the Rockets' offer.

Initial reports had the Rockets offering Lin a four-year deal for around $28 million. That deal included salaries of more than $9 million in each of the last two years, which would be a big hit on the Knicks' cap. Still, the organization seemed intent on matching.

"They will match any offer on Lin up to $1 billion," a source told ESPN.com's Marc Stein last week.

It's not clear, however, if the new deal changes that thinking since the third year of the current deal carries an even bigger cap hit.

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TEAM LEADERS

POINTS
Carmelo Anthony
PTS AST STL MIN
23.2 3.2 0.6 34.5
OTHER LEADERS
ReboundsA. Stoude... 7.4
AssistsJ. Calderon 4.0
StealsS. Larkin 1.4
BlocksS. Dalembert 1.4