If Linsanity returns to the Knicks, it's going to come at a huge markup.
The Houston Chronicle reports that Knicks point guard Jeremy Lin has been given an offer sheet somewhere in the neighborhood of four-year, $30 million deal the Rockets offered Goran Dragic. Dragic turned the offer down and will reportedly sign with the Suns.
As a restricted free agent, the Knicks will have an opportunity to match any deal Lin receives. If he agrees to the Rockets' deal, the Knicks will have three days to match it.
The contract offered to Lin would be for approximately $5 million each of first two seasons, with a large increase in the final two seasons, often referred to as a "poison pill." The new NBA collective bargaining agreement has a stricter luxury tax beginning in 2013-14 and the Knicks would likely be over the cap with just the contracts of Lin, Carmelo Anthony, Amar'e Stoudemire and Tyson Chandler if they matched the Rockets' offer.
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The Knicks' point guard options are limited now that Steve Nash will be acquired in a sign-and-trade deal with the Lakers Wednesday. No contracts can be signed until July 11.
Lin played for the Rockets last preseason before being cut and signing with the Knicks. He averaged 14.6 points and 6.2 assists per game in 35 games (25 starts) last season. After a small tear in the meniscus of his left knee was discovered March 24, he had surgery and missed the rest of the season.
Follow Metro New York Sports Editor Mark Osborne on Twitter @MetroNYSports.