Jeremy Lin and the Houstn Rockets have agreed to terms on an offer sheet.
This means the New York Knicks will have to offer Lin a contract that appeals to him, which most likely means they have to at least match the Rockets' offer.
If there is any good news for Knicks fans it is that only the Knicks can offer him money. He becomes a restricted free agent and can only sign with the Knicks or the Rockets.
Lin and the Rockets met Wednesday night and many thought the meeting with Houston was a bluff, but apparently it was more than talks.
The Rockets offered Lin 3 years, with a vesting team option for a fourth year. He would earn $5 million the first year, $5.2 million the second and $9.3 million in the third. The option is close to $10 million.
The ball is now on the Knicks' court and they will have to figure out what they want to do.
Lin and the Knicks appealed the Bird Rules, which allows the team to sign Lin without being penalized by the cap in the bargaining agreement since technically, he was active in rosters for two straight seasons.
For many Knick fans this is a no-brainer. New York has to sign Lin and get him back on the team in 2013 and beyond.
Earlier on Thursday, they got Jason Kidd to play for New York. It would be a perfect point guard marriage if Lin can learn from Kidd.
The Knicks could thank Lin for a lot of things. He kept their season alive, got them into the playoffs and brought revenue to the organization.
Now, if the Knicks do not act, Linsanity might have found a new home.
