The Knicks would not make a formal offer to Lin -- not then, or, ultimately, ever -- instead opting to steer him toward the open market so he could assess his own price. Serious conversations with three teams other than the Knicks began. Only Houston, which had already cut the Harvard economics major last December, warranted a visit, on July 4. "The Rockets kept saying how sorry they were that that they'd cut him, and how much of a mistake it was," Tanner said. "They almost said it too many times. They kept acknowledging it."
Lin left Houston impressed by the effort and the enthusiasm. A backloaded first offer, as widely reported, came to him at four years -- with the fourth as a team option -- and $28.8 million. As news of the offer broke (and Lin's camp says they did not communicate anything to the Knicks before an offer sheet was actually signed), Woodson publicly declared that Lin would "absolutely" be back. But not long after that, the Rockets came back with a revised offer: three years for $25.1 million, with the money rising from $5 million in the first season, to $5.225 million in the second, to $14.898 million in the third. (The relatively low values of the first two annual salaries are as mandated by the Collective Bargaining Agreement's "Gilbert Arenas" provision.)
By this point, Lin had no real idea what the Knicks would do. But there also wasn't much choice: He had all of one offer sheet in front of him to consider.
While surfing the Internet last Sunday, Lin read that Felton was reportedly en route to the Knicks from Portland via a sign-and-trade. Earlier this month, New York had already signed Kidd; now, Lin saw the writing on the wall, along with everybody else. "Felton's signing was the first time when I thought, 'Oh, wow, I might not be a Knick,'" Lin said.
The next time he heard from an executive in the organization, it was to tell him the Knicks were letting him go.
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