Jeremy Lin Rumors: Is Linsanity Really Worth an Eight-Figure Salary?

Jeremy Lin is the most important free agent on the New York Knicks' radar at this point. Thankfully for them, they were winners in his (and Steve Novak's) Bird Rights case, meaning they're allowed to sign him even if they were to go over the salary cap when it's all said and done.

So, that's it then, right? The Knicks are going to do whatever it takes to keep Jeremy Lin and the media-hype machine that comes along with him.

Not so fast my friend. There's a possibility that if a team wants to sneak Lin away enough (and they are out there) that they could offer him a severely back-loaded contract that would potentially pay him an eight-figure salary in the final two years of the deal.

As a restricted free agent for the Knicks, the best they can offer Lin is a four-year, $24.5 million deal, while another team could put together a "poison pill" contract paying Lin up to $40 million over four years, with the first two seasons paying him $5 million each and the final two seasons paying him $15 million each.

The Knicks, however would have the option to match that salary.

While it can't be foreseen whether or not anyone is going to offer this contract (Toronto makes sense if they end up whiffing on Steve Nash), the real concern at this point is whether or not the Knicks would match that contract offer.

Whether the Knicks actually sign this deal or not isn't really the story; rather, it's the fact that a kid who has just over 500 career points and 250 career assists is being talked about in terms of an eight-figure deal.

I wrote at length yesterday about the financial implications of Jeremy Lin. Basically it all states that Lin is worth more in ticket and jersey sales and television ratings than a salary could cover.

However, looking at basketball from a business standpoint is something that guys in suits do. The Knicks need to look at basketball from a basketball standpoint.

If the Knicks were to sign Lin to a deal that pays him, let's say, $10 million in each of the final two years of his contract, they would have $71 million locked up in him, Tyson Chandler, Carmelo Anthony and Amar'e Stoudemire once the 2014-15 season rolls around, which will probably be just under the luxury-tax line by then, assuming basketball-related income continues to increase.

What the Knicks would be paying for here is hope of continued excellence, and not reward for proving Lin can play in the past, which is a very risky move.

The only way Jeremy Lin would actually be worth that kind of money is if his game matures. He would have to take much better care of the ball, be more patient when looking for his own shot and become a more consistent passer.

What really sticks out, however, when talking about Lin and the Knicks is the thought that the team probably won't be able to find another point guard quite as good as Lin in the near future with their current salary-cap situation.

So, to the entire league he's worth the money in business terms, but paying him eight figures for two years may be a bit of a stretch.

But it's a gamble the Knicks need to take.