The Knicks put an end to Lin-sanity in New York, sources said.
Jeremy Lin is a Houston Rocket after the Knicks opted not to match his three-year, $25.1-million offer sheet by last night's deadline. The contract will pay Lin $5 million and $5.2 million the first two years and about $14.89 million in year three.
An undrafted point guard from Harvard, Lin enjoyed an improbable and magical run with the Knicks that led to him becoming an international phenomenon.
Lin, 23, graced the cover of Sports Illustrated in back-to-back weeks and was named one of Time Magazine's 100 Most Influential People in the World. In 25 starts for the Knicks, Lin averaged 18.2 points and 7.7 assists. In 36 games overall, Lin averaged 14.6 points and 6.2 assists.
Despite Lin's popularity with fans and the stream of revenue he generates with his off-the-court appeal, it was doubtful that he would be back after Houston increased its offer.
The Dolan family owns controlling interests in the Knicks, Madison Square Garden and Cablevision. Cablevision is the parent company of amNewYork.