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June 13 has become perhaps the biggest day of the offseason for the New York Knicks, as it is when the union's hearing on Early Bird Rights of waived players will take place.
If the arbitrator rules in favor of the union, then the Knicks will be able to retain Jeremy Lin and Steve Novak without burning their mid-level exception of up to $5 million.
If the arbitrator does not rule in favor of the union, however, then Novak is probably not going to be in New York next season, and it becomes significantly harder to bring back Lin and sign other free agents.
Regardless of the decision on June 13, the Knicks should make it their top priority to lock up Lin. Mike Woodson recently put his faith in the 23-year-old Lin, calling him their "starting point guard."
The fact of the matter is Lin put up almost 15 points a game in just his first full year playing in the NBA, and he has a bright future in front of him. While the turnovers are no doubt a concern, Linsanity took the Big Apple by storm last winter, and it is something New Yorkers will want to see for years to come.