Knicks sign-and-trade for Raymond Felton, is Jeremy Lin on the way out?

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Things went from “easy and predictable” to completely insane Saturday night in Gotham. It had been a few days since things with the Knicks had seemed berserk, so of course, all that detonated as news broke that the Knicks’ point guard situation could be altered dramatically in a matter of hours.

Here’s a rundown of how this happened.

Late Saturday night, a television reporter in South Carolina tweeted that he had spoken with free agent point guard and former New York Knick Raymond Felton and the guard told him that he was headed to New York in a sign-and-trade and that Jeremy Lin would not have his 3-year, $25 million offer sheet from the Rockets matched by the Knicks. Chaos ensued.

Then the New York Daily News reported that the Knicks had in fact reached out to Felton to discuss a deal and sign-and-trade, giving the report from South Carolina credence.

Yahoo Sports reported the deal was close and that Jeremy Lin was “close to being a Rocket.” 

The New York Daily News reported that the deal was done, with Felton and Kurt Thomas headed from Portland to New York for Dan Gadzuric and Jared Jeffries. CBSSports.com confirmed the trade. Yahoo Sports reported that the Knicks would give Felton a 3-year, $10 million contract.

The New York Post reports that a source indicates the Knicks will not match the offer. Every other outlet is staying quiet on that matter for now, waiting on confirmation.

That’s a huge question looming for both the Knicks and the Rockets.

For the Knicks, it’s a stunning move away from both the player who set the sporting world on fire for a few weeks in late winter, a financial boomtown all by himself due to marketing potential, and from their long insistence that they would match any offer made for Lin. It was a guarantee that Lin would be a Knick, by most sources. Now it appears as if it’s very possible that the richest team in the land is being scared off by the fear of the luxury tax hitting them in three years, when the structure of a matched contract for Lin would result in $15 million owed to the point guard.

It has long been thought that the Knicks couldn’t care less about the luxury tax. This would render all of that false.

Even more complicated still is the prospect of the Knicks matching for Lin. It would mean a three-point-guard rotation, with J.R. Smith signed to the two-guard spot and Iman Shumpert expected back early next year. Where does Jason Kidd fit into that plan? Would the Knicks play Felton, Lin, or Kidd at the 2-guard spot as a reserve? What role does Felton fit in? How would Lin fit in with his relative inexperience next to Raymond Felton and Jason Kidd?

Why would they sign three point guards at that level and price?

The questions go on and on and still have to be answered.

For the Rockets, there are huge questions about how it impacts their chase of Dwight Howard and the questions remain in flux as we try and get a handle on the situation. There are indications that the deal could sink the trade for Howard, or have no impact on it whatsoever. What is clear is that if the Bulls do not match the offer sheet Houston signed Omer Asik to, there’s going to be a huge chunk reserved in terms of space, and the Rockets would be unable to trade either player until December 15th, meaning they’re running out of options to trade for Howard.

The Blazers got a second round pick and some roster filler for a point guard they weren’t going to retain. No big deal for them.

The Knicks have one of the biggest choices of their franchise in front of them, and the implications either way could be massive. Lin could be massively overpaid, having only excelled in a handful of games last season. Letting him go could be a killer with the kind of skillsets and physical conditions Felton and Kidd bring with them. This is a monstrous decision for the Knicks, and the stakes are as high as they can be.

We know Raymond Felton is back as a Knick. Everything else we’re still working on.

Jason Williams out 6-8 months after injury in Big3 debut

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NEW YORK (AP) — Former NBA point guard Jason Williams will miss six to eight months after suffering a knee injury in the opening game of the Big3.

Corey Maggette, also injured in the opening week of Ice Cube’s 3-on-3 league of former NBA players, had surgery for a leg injury. There is no timetable for his return.

The injuries were announced Wednesday during a conference call with Cube and Big3 co-founder Jeff Kwatinetz, who also detailed a couple rules changes starting with this weekend’s game in Charlotte, North Carolina.

Games will be played to 50 points, instead of 60, with halftime coming when the first team reaches 25 points. Cube said that would help the four games per day move more quickly.

Report: Mutual interest between Knicks, Jeff Teague with Phil Jackson gone

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Phil Jackson’s exit is already opening doors for the Knicks.

No position differs more in the triangle from modern spread NBA offenses than point guard. But without Jackson demanding his point guard fit such a narrow profile, New York can pursue greater talents – like Jeff Teague.

Ian Begley of ESPN:

With Phil Jackson out and the triangle de-emphasized, the Knicks, under general manager Steve Mills, have interest in free agent point guard Jeff Teague, league sources told ESPN. League sources say the interest in Teague is mutual.

The Knicks aren’t as desperate at point guard after drafting Frank Ntilikina, but Ntilikina probably isn’t ready to run an offense full-time yet. Teague could be a stopgap – which might be necessary considering New York can’t easily pivot into rebuilding with Carmelo Anthony, Joakim Noah and Courtney Lee locked up.

Teague’s future with the Pacers appears uncertain with Paul George on the trade block. A key part of Larry Bird’s retooling last summer, Teague and Indiana might be headed in different directions now.

The Knicks make as much sense as anywhere for Teague – now that Jackson is gone.

PBT Extra: Rockets, with Chris Paul trade, show fearlessness in face of Warriors’ dominance

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The Rockets and Clippers both turned aggressive with today’s Chris Paul trade.

Houston is making a bold attempt to overtake the Warriors (a plan that could include other big moves). The Clippers are launching into rebuilding.

Kurt Helin breaks down what it means for both teams.

PBT Extra: With Phil Jackson discarded, Knicks face next challenge

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The Knicks did well to part ways with Phil Jackson, but where does New York go from here?

Masai Ujiri? David Griffin? Someone else?

Kurt Helin breaks down Jim Dolan’s options – and the approach the Knicks owner should take.