Jeremy Lin Reportedly Agrees to 4-Year Deal with Houston Rockets

The Houston Rockets have agreed to terms with New York Knicks point guard Jeremy Lin, and he will sign an offer sheet with Houston.

Jonathan Feigen of the Houston Chronicle tweeted the news:

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"The Rockets have agreed to terms with Jeremy Lin, source said."

— Jonathan Feigen (@Jonathan_Feigen) July 5, 2012"

Yahoo! Sports’ Adrian Wojnarowski outlined all the details of the contract via Twitter:

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Y! Sources: New York's Jeremy Lin agrees to four-year, $28.8M offer sheet with the Houston Rockets. tinyurl.com/boajdgy

— Adrian Wojnarowski (@WojYahooNBA) July 6, 2012"

Wojnarowski also mentions important details that show New York will have some serious number-crunching to do if it intends to match the Rockets' offer. He notes that if the Knicks keep Lin, four players alone will eat up $64 million in annual salary.  

The last few months have been wild for Lin, who started last season as a relatively unknown reserve. He was cut by the Golden State Warriors and claimed on waivers by the Rockets. 

His career in Houston lasted less than a month because the team dumped his contract to clear cap space. He subsequently joined New York.

He received his first meaningful minutes as a Knick on Feb. 4 against the Nets and scored 25 points while dishing out seven assists.

He would start the next game and go on to record at least 20 points and seven assists in five consecutive outings. 

Lin nailed down the starting gig with the Knicks before knee surgery prematurely ended his season. 

Following the season, the point guard was also thrown in the middle of a dispute involving early-Bird rights between the NBA Players Association and the NBA. An arbitrator sided with the NBAPA, allowing the Knicks to claim early-Bird rights on Lin. Now, the team will be able to match the Rockets’ offer while staying within the rules of the new CBA.   

The 23-year-old’s unexpected success on the court, as well as his Taiwanese-American background, have made him one of the most popular players in the league. His jersey sold better in the United States than that of every NBA player except Derrick Rose, according to NBA.com. 

He finished the season with averages of 14.6 points and 6.2 assists per game.