The New York Knicks made a colossal mistake by letting Jeremy Lin go

The New York Knicks made a colossal mistake by letting Jeremy Lin go

New York Knicks fans have been anxious for the last few days. The Houston Rockets had made an offer worth $25 million over three years to Jeremy Lin, and there had been no word from the Knicks on whether they would match it.

Since Lin was a restricted free agent, the Knicks had the right to match any contract given to him. Originally, it seemed like they were going to, when the Rockets were offering a four-year contract worth around $28 million.

However, the Rockets then changed the deal to a three year contract, one in which Lin was to make about $15 million in the final year.

It looked like the Rockets were gambling that the Knicks did not want to pay Jeremy Lin that much, and the gamble worked.

Why is this so, you ask? Well, the Knicks are a team who pay the luxury tax. The luxury tax is discourage to prevent rich teams from overspending on talent by forcing them to pay a penalty to have inflated payrolls.

By changing the terms of the deal, Houston essentially made it so that Lin would cost the Knicks up to $45 million on the last year of his contract. This proved too much for the Knicks to handle, and they let their young star go.

However, this is a grand error on the Knicks' part, especially considering the breakout season that Jeremy Lin was having before his knee injury.

Click on to see a few reasons why the Knicks will regret letting Lin go.