Jeremy Lin to Rockets: Knicks Will Regret Letting Linsanity Go

The New York Knicks will regret their decision to not match Jeremy Lin's offer sheet with the Houston Rockets.

Update: Tuesday, July 17 at 10:45 p.m. ET by Ian Hanford

Yahoo! Sports reporter Marc J. Spears officially announced the news everyone was expecting Tuesday evening.

"

Knicks spokesman confirms that Jeremy Lin's offer sheet will not be matched. @JLin7 is now officially a Rocket.

— Marc J. Spears (@SpearsNBAYahoo) July 18, 2012"

This move benefits Lin, but will hurt the Knicks in the long run. Jason Kidd and Raymond Felton aren't the right answer, and the team lacks overall leadership.

Lin will benefit from the young Rockets' roster. He will immediately be the face of their franchise as they build toward the future. 

This move officially ends what Knick fans came to know as "Linsanity".

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New York has declined to match the Rockets offer according to Howard Beck of the New York Times.

"

Posting momentarily to nytimes.com: Lin will be a Rocket. Knicks deliberations over.

— Howard Beck (@HowardBeckNYT) July 17, 2012"

Linsanity will now reside in Clutch City, where the Rockets will look to begin their rebuilding process with the player that single-handedly revived basketball in the Big Apple last season.

Houston signed Lin to a three year, $25.1 million offer sheet, according to ESPN's Ian Begley, putting the cash-strapped Knicks between a rock and a hard place. 

New York has added depth to their point guard spot this offseason, acquiring two veteran floor generals, but that alone won't get them out of the first round of the Eastern Conference Playoffs. 

New York's commitment to an aging Jason Kidd and struggling Raymond Felton will cost them in the long run. Lin has much more potential than either one, and is the ideal player to team with superstar scorers Carmelo Anthony and Amar'e Stoudemire. 

Lin had seven double-digit assist games during his stretch of 25 starts last season, while Kidd, 39, averaged 6.2 points and 5.5 assists per game while shooting 36 percent from the field for the Dallas Mavericks last year.

Meanwhile Felton flopped in his bid at becoming the Portland Trail Blazers' long-term starter at point guard. Felton averaged 11.4 points and 6.5 assists per game for Portland last season, but shot just 40 percent from the field and 30 percent from beyond the arc. 

Considering that Lin is five years younger than Felton and 16 years younger than Kidd, investing in the Harvard product was by far the biggest no-brainer of the offseason for the Knicks. 

Lin averaged 14.6 points and 6.2 assists last season in 35 games with New York. His role in New York's seven-game winning streak last February was vital, and was the spark that helped the Knicks earn a playoff berth despite an up and down regular season.

The fact that the New York Knicks are content to contend without Lin next season and for the future speaks to the ineptitude that has defined the franchise for the past decade.

Linsanity is lost and so are the Knicks.