Just four days ago, Woodson gushed that the Knicks would absolutely match the Rockets offer sheet and said Lin would be the starter at point guard t oopen training camp.
But that was before Lin secretly flew to Las Vegas to change the offer sheet and turn a four-year, $28 million deal with $19 million guaranteed into a fully guaranteed three-year, $25 million contract with the final year a balloon payment of $14.9 million that Carmelo Anthony called "ridiculous" yesterday.
How ridiculous? The Knicks are expected to be over the luxury-tax threshold for three straight years by 2014-15, and repeat taxpayers will be subject to the harshest of luxury-tax penalties.
If all of Lin's $14.9 million salary comes in over the threshold, the first $5 million will be taxed at a 2.5-to-1 ratio. The next $5 million will be taxed at a 2.75-to-1 ratio. The final $4.9 million is taxed a 3.5-to-1 ratio. The math shows the tax alone on Lin's final year would be $43.4 million, meaning the entire bill that season could be $58.3 million.
Dolan actually might have matched the offer had it been done above board. But as reported by The Post, the Knicks were furious Lin renegotiated the contract after they had told him they would match it, knowing how deadly it would be financially to the organization's coffers because of the tax.
Dolan is all about loyalty and the revamped offer sheet rubbed him the wrong way.
Now that Lin has totally blindsided us and signed that "poison pill" offer sheet from the Rockets, I have lost all respect for him. He was offered almost the same amount of money from the Rockets that everyone knew the Knicks would match. But now the once humble Lin, looks every bit as money hungry as the next guy. I would understand if it was for a substantial amount more then the original offer, but it clearly isn't. This offer sheet was created for the sole purpose of screwing the Knicks over. It takes a fool not to see that.
Now that being said.... I still think we should match it, then either work out a another sign and trade with Houston for maybe:
Kevin Martin & Dalembert for Lin & Thomas. Or ust keep Lin for the next year or 2 then trade him before the "poison pill" kicks in. Either way, we don't lose Lin for nothing
sorry for the double post