Houston we have a Linsation. The Houston Rockets on Tuesday night won the bidding war for Jeremy Lin after the New York Knicks decided not to match the teams $25.1 million offer sheet.

The Knicks announced their decision on Tuesday night and wished Jeremy Lin a bright future. Lin was an undrafted free agent out of Harvard before the start of the 2011-2012 season, earning $700,000 during his breakout season.

The Knicks were expected to drop Jeremy Lin because of the third year of his Houston contract which is worth $14.8 million. During the 2014-2015 season the Knicks would have been hit with a $43 million total payment because of the leagues luxury tax rules.

Playing with the Houston Rockets Jeremy Lin is set to earn $5 million in the first year, $5.225 million in the second and $14.8 million in the third.

In the meantime playing at the point guard position will be Raymond Felton who was acquired during a sign-and-trade deal on Monday afternoon.

During his lone season with the New York Knicks Jeremy Lin earned 14.6 points, 6.2 assists and 3.1 rebounds in 35 games and 25 starts.

While many analysts believe Jeremy Lin may have been a product of head coach Mike Woodson’s coaching style and not his own talent Houston Rocket’s fans will soon find out.

Following the announcement Jeremy Lin tweeted:

Extremely excited and honored to be a Houston Rocket again!! #RedNation

— Jeremy Lin (@JLin7) July 18, 2012

Lin later gave a nice sendoff to his New York fans:

Much love and thankfulness to the Knicks and New York for your support this past year…easily the best year of my life #ForeverGrateful

— Jeremy Lin (@JLin7) July 18, 2012

Before joining the New York Knicks Jeremy Lin was cut by the Rockets and then played in the D-League.

Jeremy Lin Released By New York Knicks, Joins Houston Rockets is a post from: The Inquisitr