Restricted free agent guard Jeremy Lin has agreed to sign a four-year, $28.8 million offer sheet with the Houston Rockets, Yahoo! Sports reported Thursday.
The New York Knicks have said they would match any offer Lin receives to keep him. The earliest Lin can officially sign the offer sheet is July 11, and the Knicks would have three days after that to match the offer. If the Knicks don't match the offer, Lin would become a member of the Rockets.
According to the Yahoo report, the offer sheet calls for the Rockets to pay Lin $5 million in the first year of the contract, and $5.2 million in the second. However, his annual salary would jump to $9.3 million in each of the final two years, with the Rockets holding an option in the fourth year.
By back-loading the contract, the Rockets are hoping to discourage the Knicks from matching the offer, because a more severe luxury tax goes into effect in 2014.
The deal comes on the same day the Rockets agreed to trade point guard Kyle Lowry to the Toronto Raptors. The Rockets had waived Lin during training camp last year, partly because of the presence of Lowry.
Lin averaged 14.6 points and 6.2 assists for the Knicks last season before a knee injury ended his season in March.