NBA Rumors: Knicks Must Sign Jeremy Lin to Long-Term Deal

It’s literally insane to think that Jeremy Lin, a player the New York Knicks claimed off waivers in late December, is in line for a huge payday and could be a huge part of the team's future.

This is the same Jeremy Lin who went to Maine in late January, not to go lobster fishing, but to take on the Red Claws as a member of the Erie BayHawks in a D-League game.

Of course, the 23-year-old sensation known as “Linsanity”—perhaps the most popular basketball star in the world at this moment—has led his team on an improbable six-game winning streak.

For his major role in the incredible resurgence of the Knickerbockers, Lin is certainly going to be rewarded financially.

If he can keep his production up—and lord knows it can no longer be considered a fluke—the young Harvard product will be in line to see quite a few more zeros added to his salary in the next few years.

CBS Sports’ Ken Berger did some digging on the subject and came up with some interesting facts.

First off, the Knicks should be counting their blessings, as their stud PG is subject to their right of first refusal. They can thank Golden State for that, who inked Lin to a multi-year deal before cutting him this season.

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By virtue of the Warriors signing Lin to a two-year contract before waiving him in December, Lin becomes a restricted free agent after this season. Under typical circumstances, Lin would be eligible to receive a qualifying offer from the Knicks worth approximately $1.1 million

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It’s clear that these are no “typical circumstances” and Lin is going to end up making a lot more than the $1.1 million qualifying tender. Indeed, teams will jump at the chance to make a better offer.

Remember, great point guards and players that are extremely marketable to a fanbase don’t come around often. 

However, if you think your club has a chance at signing him, dream on.

You have to be wondering what the max amount of money that Jeremy Lin could receive next year is, as well as how the Knicks—with Amar’e Stoudemire, Carmelo Anthony and Tyson Chandler on the payroll—can afford him.

According to Berger:

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The maximum that another team could offer in the first year of a multi-year offer sheet will be the non-taxpayer mid-level exception of $5 million. The second year of the offer sheet would be subject to the 4.5 percent raise for non-Bird free agents. After that, the offer sheets can be back-loaded up to the max -- 25 percent of the cap -- but the Knicks would be able to match under league salary rules. In any event, it likely will cost them their mid-level exception for next season.

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Since the Knicks will have their full MLE available next season, they can only lose Lin if they let him get away or somehow pull off a historically epic mismanagement of funds during the offseason.

Even if it means shelling out the big bucks on a multi-year contract to retain their newfound star, it's worth it. He's everything that Gotham needs right now.

Unless Isiah Thomas is walking through that door to return as GM this summer, it looks like Linsanity will be lingering around New York for a long time.