The New York Knicks were eliminated in Game 5 last night in their first round NBA playoff series against the Miami Heat.
With a long off season ahead of them, the Knicks will be looking towards re-signing some of their key pieces that helped them make a playoff run.
At the top of the list will be star point guard Jeremy Lin, who emerged this season as the Knicks' starter after sparking a winning streak that propelled the team into playoff contention.
Lin is a restricted free agent, meaning the team can match any contract that Lin signs with another team. Most likely, the Knicks will be using their $5 million mid-level exception to sign Lin.
The Knicks had been considering using the mid-level exception to make a run at Steve Nash, however at this point in their careers, Lin is bigger, faster, and younger than Nash.
In addition, as a media-sensation with limitless marketability, Lin will be a big part of the Knicks' promising season.
The Knicks will also want to retain their other young players who showed promise this season including Landry Fields and Steve Novak.
Fields is an unrestricted free agent and can sign with any team. However, the Knicks own Early Bird rights meaning they can match any offer and get an exception for the salary cap.
Novak made the league minimum, but may be due for a raise. He is a candidate for the Knicks' $2 million biannual exception to continue being the team's outside sharp shooter.
Both players have said they want to return to the organization for next season.
"I think this organization is on the way up and I would love to be a part of it," Fields told ESPN after their playoff series loss to the Heat.
"I can't think back to a more fun year I've had playing basketball when you have so much fun playing in a place that's where you want to be. And for me, that's definitely New York," Novak said after the game.
All three players were integral for the Knicks' 2011-2012 short season, and should make for an exciting full season in 2012-2013.
