According to ESPN.com's Marc Stein, the Knicks officially received Jeremy Lin's 3-year, $25 million offer sheet from Houston on Saturday night, meaning they have until 11:59 p.m. ET on Tuesday to match it or let Lin go to the Rockets.
At first look, it seems like it makes little sense for the Knicks to match.
Bringing Lin back means New York would have four point guards on the roster and would owe a hefty luxury tax in Year 3 of the Lin deal, when the point guard is set to make $14.9 million.
But there are other factors at play here: Lin's off-court value to the Knicks is significant. Also, Lin is comfortable playing at shooting guard, so there is a possibility that the Knicks bring Lin back as a shooting guard and let Jason Kidd, Raymond Felton -- whom they acquired in a sign-and-trade on Saturday night -- and Pablo Prigioni run the point.
If you were Knicks GM Glen Grunwald, what would you do? Would you ask James Dolan to empty his pockets to bring Lin back? Or would you let him walk for nothing, running the risk that Linsanity takes over another city next year?