Jeremy Lin agrees to Houston's offer sheet

Jeremy Lin agrees to Houston's offer sheet

By Jeff Zillgitt, USA TODAY
Restricted free-agent point guard Jeremy Lin agreed to Houston's four-year, $29 million offer sheet, a person familiar with negotiations told USA TODAY Sports Thursday.
The person requested anonymity because he was not authorized to speak publicly while negotiations were ongoing.
The person also told USA TODAY Sports that he expects the New York Knicks to match Houston's offer and retain the 23-year-old who dazzled the NBA and captivated the world with his improbable and unexpected rise to stardom with the Knicks last season.

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Lin cannot sign Houston's offer sheet until July 11, after the July 1-10 free agent moratorium period. Once he signs the offer sheet, the Knicks have three days to match Houston's offer and keep Lin.
The first two years of Lin's deal will be approximately $5.1 million each season, the salary used for the mid-level exception. However, Houston is allowed to offer up to the maximum amount for player with less than six years of service in years three and four of the deal. That arrangement serves two purposes: it allows the Knicks a reasonable chance to keep Lin and allows Lin to take advantage of his market value.

The person also said the fourth year of the deal is a team option. Whichever team he ends up with, Lin is due for a significant raise. He made the league minimum for a second-year player last season: $762,185.
The Rockets claimed Lin off of waivers in December and waived him just before the 2011-12 season started.