The Houston Rockets plan to offer a contract to New York Knicks guard Jeremy Lin on Wednesday, according to a report by The New York Post.
The Post, citing a league source, reports the Rockets will offer Lin a backloaded deal worth roughly $30 million. According to the same source, the deal would pay Lin $5 million in the first season, $5.2 million in the second, and then would increase to as much as $10 million per year in the third and fourth seasons.
"Jeremy Lin's an excellent player," Rockets general manager Daryl Morey told The Post. "We got to know him firsthand when he was with the Rockets early this season. We think he'd make a fantastic addition to our team."
While both Lin and the Knicks are hoping for a reunion, sources have told ESPN The Magazine's Chris Broussard that if any clubs offer Lin a backloaded contract that pays him an eight-figure salary in the third and fourth years, the Knicks could be hesitant to match the offer.
With the new collective bargaining agreement employing a more punitive luxury tax beginning in the 2013-14 season, the Knicks are concerned about the financial ramifications of such a deal.
The Knicks can offer Lin a four-year deal worth $24.5 million. In 35 games with the Knicks last season, Lin averaged 14.6 points and 6.2 assists per game.