WESTCHESTER COUNTY, N.Y. – Linsanity is officially finished in New York.
The New York Knicks announced Tuesday night that they would not match Jeremy Lin’s three-year, $25.1 million offer sheet from the Houston Rockets and would let Lin sign with Houston. The Knicks had until 11:59 p.m. EDT on Tuesday to match the offer if they wanted to retain Lin.
The back-loaded deal will reportedly pay Lin $5 million in the first year, $5.225 million in the second and $14.8 million in the third. The expensive, final year of the contract, known as a “poison pill,” was a sticking point for the Knicks. New York would have been over the salary cap in the third year of the deal (2014-15) had they signed Lin and would have had to pay a luxury tax of about $43 million.
Many Knicks fans in Westchester were pleased with the move. Donald Gunther, who coaches youth basketball in Bronxville, Eastchester and Tuckahoe, thinks the Knicks made the right move and Lin did not.
"It's a great business and basketball move by the Knicks," Gunther said. "I like Lin, but honestly, he is not worth $25 million. For him to go back to Houston and redo another deal was ‘Lin-a-dict Arnold-like’, if you ask me."
Eastchester High School quarterback Greg DiCarlo, who also plays basketball for the Eagles, also praised the Knicks for letting go of Lin.
"I think he is a very exciting player but I don't think he and Carmelo (Anthony) would work out very well," DiCarlo said. "Lin excelled in (former coach) Mike D'Antoni's offense, but his style of play wouldn't fit Mike Woodson's offense as well. His contract was also a lot of money."
New Rochelle Basketball Association youth basketball coach and founder Sean Oliver thinks Lin is being overpaid.
"I think the Knicks did the right thing," Oliver said. "Lin was an unknown. But he'll be getting $28 million plus a $40 million endorsement deal in China. He will be all right."