New York Knicks decline to match Houston's offer to Jeremy Lin | NBA

NEW YORK — Point guard Jeremy Lin is heading to Houston, leaving the bright lights of Broadway and a legion of heartbroken New York Knicks fans behind. Linsanity, the rush sparked by Lin's meteoric rise to fame, is over, at least in New York.

The Knicks cut ties with Lin, 23, Tuesday night. He will play next season for the Houston Rockets, who signed him to a three-year, $25.1 million offer sheet the Knicks elected not to match.

Lin's contract has a third-year balloon payment of $14.9 million that would have cost the Knicks another $35 million or more in luxury-tax penalties.

This so-called poison pill was devised by the Rockets to dissuade the Knicks from matching the offer; the ploy worked.

Knicks officials concluded it was better to pay two veteran point guards, Jason Kidd and Raymond Felton, a combined $7 million in 2014-15 than to spend $50 million or more to keep Lin, who has yet to play a full season as a starter.

The Rockets waived Lin after two weeks in their camp in December.

"Extremely excited and honored to be a Houston Rocket again!!" Lin posted on his Twitter account.

Notes

• Hall of Fame coach Phil Jackson, 66, has interest in working for the Portland Trail Blazers in a non-coaching role, a source told The Oregonian.

• Ex-Phoenix forward Grant Hill, 39, and the Los Angeles Clippers are close to a two-year deal, Yahoo Sports reported.

By The New York Times and The Associated Press