|Jeremy Lin has signed an offer sheet with the Rockets. (Getty Images)|
New York, you are now on the clock to continue the Linsanity.
The Rockets have signed Jeremy Lin to an offer sheet for three years, $25.1 million, according to multiple reports. The contract would pay Lin $5 million in year one, $5.22 million in year two and jump all the way to $14.898 in year three.
Originally, it was reported Lin's offer would be for four years, $28 million. The fourth year was an option year for $9.3 million. Instead, this new offer adds extra dollars on for that final season.
The Rockets hope that the "poison pill" final year would discourage the Knicks from matching. With that backloaded contract, the Knicks' payroll could reach $90-plus million in 2015, right when the NBA's new extra punitive luxury tax will bite.
The Knicks have three days to match the offer, which they are expected to do. Coach Mike Woodson has already said Lin would be the Knicks' starting point guard. That would be kind of difficult if he were playing for the Rockets.
Most expect the Knicks to wait the full three days to match as it will tie up the Rockets cap until that happens. Hopefully, Lin doesn't take offense to that like he reportedly did with the Rockets offering him a deal before New York did.
This means the Rockets are going to whiff yet again in free agency and be left without a point guard on the roster. After trading Kyle Lowry to Toronto and watching Goran Dragic walk to the Suns in free agency, the Rockets are sitting without an NBA point man on the roster.
There are options on the market with players like Raymond Felton remaining, but it has to be disappointing. Regardless, the Rockets' main focus is on chasing Dwight Howard and surely they expect the Knicks to match on Lin.
The Rockets also waived Luis Scola on Friday.
The team used its amnesty clause on the Argentine forward, according to an Associated Press report. The one-time provision allows Scola to leave without his remaining contract counting against the team's salary cap or luxury tax
A fan favorite in Houston, the 6-foot-9 Scola averaged 14.5 points and 7.7 rebounds in five seasons with the Rockets. He's due to make $21 million over the next three seasons.
Houston also is expected to sign Bulls center Omar Asik to an offer sheet.