Jeremy Lin signed a four-year, $28.8-million offer sheet with the Houston Rockets tonight that serves little purpose beyond determining how much the Knicks will be paying him through the 2014-2015 season. Even with today's revelation that New York had its sights set on signing Jason Kidd, there is little doubt among any plugged-in NBA reporters that the Knicks will match the offer to Lin. They'll have three days to do so once the 10-day moratorium ends next week, and it would be a shock if the team didn't get something done on day one.
As for the particulars, the deal will pay Lin $5 million next season, $5.2 million in 2013-14, and $9.3 million in 2014-15. The fourth year of the deal is a club option that would also pay Lin $9.3 million, but chances are it'll never pick that up, unless Lin proves to be a) an elite top-tier point guard or b) the most popular New York athlete in years.
Either way, that third year will prove to be especially costly for the Knicks, who'll no doubt have to pay a steep luxury tax hit for being so far over the salary cap. Assuming Lin's deal is matched and Kidd also comes along, that could mean as much as $77 million committed to just six players. At least if Cablevision subscribers start seeing their cable bills go up around then, they'll know why.
In the end, it certainly appears Lin's got at least three more years coming up* at Madison Square Garden.
*Actually, this is James Dolan we're talking about, so what the hell am I talking about? Even he could screw this up somehow (and probably will) As you were, people.