The Houston Rockets offered Jeremy Lin a very ominous-sounding "poison pill" deal, wherein Lin's payments would escalate in the final two years of his contract. According to ESPN's J.A. Adande, in total, the contract is for four years and roughly under $30 million, which isn't an incredibly steep sum for the services of an international superstar.

It's not my money, but I believe that Dolan and Co. should match this contract. It would cost the Knicks an estimated $35 million in luxury taxes, but Dolan has demonstrated a willingness to burn money.

Also, the Knicks aren't in any position to save for a future big free agent. The terrible Amare Stoudemire contract runs through 2015, and it kills NYC's cap space in conjunction with those hefty deals for Tyson Chandler and Carmelo Anthony. This is a team for the now.

Per Marc Berman of the New York Post, the Knicks can retain players like Lin via Bird rights, or get guys via a sign-and-trade. Beyond saving Dolan money, there is little short-term justification for letting Lin go. And considering Lin's broad appeal in jersey sales and overall Linsanity hype, letting the guy go might not even save Dolan money.