The Knicks have acquired 28-year-old Raymond Felton, 39-year-old Kurt Thomas, and rights to 2 players in Europe via sign-and-trade with the Portland Trail Blazers. In return, the Blazers will receive Jared Jeffries, Dan Gadzuric, and a 2016 second-round draft pick. According to Howard Beck, Felton will reportedly make $10.5 million over 3 years- an average of $3.5 million per year. 

The controversy surrounding the sign-and-trade is that the question remains- does this take Lin off the table? The addition of Felton does not entirely eliminate Lin from the picture as James Dolan is clearly not afraid of exceeding the luxury tax.

On the other side of things, Mark Haggard of ABC reported earlier that Raymond Felton himself said the Knicks deal with Jeremy Lin was off. Marc Berman later backed that up by noting “another source” insists the Knicks won’t match Lin’s offer sheet. 

Right now, nothing is set in stone other than former Knicks Raymond Felton and Kurt Thomas are back. Anything regarding Lin is speculation at this point. The Knicks have until 11:59 on Tuesday to match Lin’s offer sheet.