Rockets Reportedly Deliver Jeremy Lin 3-Year Offer Sheet to Knicks

The Houston Rockets have yet to give Jeremy Lin’s offer sheet to the New York Knicks, causing the point guard's return to Manhattan to be delayed.

Update on July 15 at 12:22 a.m. EDT by Michael Moraitis

It appears the Jeremy Lin offer sheet from the Rockets has finally arrived into the Knicks' possession, according to Al Iannazzone of New York Newsday.

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A league source confirmed that the Knicks have received the offer sheet from the Rockets

— Al Iannazzone (@Al_Iannazzone) July 15, 2012"

While the wait for the infamous offer sheet is over, it could be too little too late as the Knicks have already pulled the trigger on a sign-and-trade with the Portland Trail Blazers for Raymond Felton, according to Frank Isola of the New York Daily News.

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The Knicks have acquired Raymond Felton and Kurt Thomas from Portland for Jared Jeffries and Dan Gadzuric, sources tell the Daily News

— Frank Isola (@FisolaNYDN) July 15, 2012"

That move leaves the Knicks with both Felton and Jason Kidd to run the point. It remains to be seen if New York will add a third floor general, or if Lin is on his way to Houston and out of the Big Apple.

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Houston Chronicle beat writer Jonathan Feigen reported the odd procedural glitch via Twitter:

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The saga continues. The Rockets did not deliver the Lin offer sheet, after all. Imagining a PI in a trench coat staking out Tao.

— Jonathan Feigen (@Jonathan_Feigen) July 14, 2012"

The Knicks must sign the three-year, $25 million offer sheet in order to match Houston’s deal. According to ESPN New York’s Ian Begley, Lin inked his signature on July 14.

Once New York does receive the document, the team will have 72 hours to make a decision on whether to keep the point guard or let him leave.

Marc Berman of the New York Post speculates that Houston’s lack of urgency is due to its certainty that the Knicks will retain Lin.

ESPN’s Marc Stein reported earlier in the free-agency period that the Knicks would match any offer for Lin, regardless of how exorbitant it may be.

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Source with knowledge of Knicks' thinking: "They will match any offer on Lin up to 1 billion dollars"

— Marc Stein (@ESPNSteinLine) July 5, 2012"

The 23-year-old was a breakout star last season after scoring at least 20 points and dishing out seven assists or more in each of his first five starts.

Lin finished the year with averages of 14.6 points and 6.2 assists. He clearly outplayed his salary, which was $788,000 last season, according to Begley.

Whether it is with Houston or New York, Lin will now make $5 million next season, $5.225 million the next year and then a whopping $14.8 million in the final year of the deal, as noted in Begley’s report.

By all accounts, Lin will be back in New York next season, despite this strange snag in the process.