LAS VEGAS – Linsanity got his money but won’t get the Knicks.
In a stunning turn of events across the past 24 hours, the Knicks worked out a sign-and-trade with Portland yesterday for ex-Knicks point guard Raymond Felton that likely would end the Jeremy Lin era prematurely and bitterly. In the deal, the Knicks have acquired Raymond Felton and former Knick Kurt Thomas from the Trail Blazers for Jared Jeffries and Dan Gadzuric. The person confirmed the trade said the Knicks do no plan to match the Rockets offer sheet.
The Post reported in Saturday’s editions the Knicks were “unhappy’’ the Rockets changed the offer sheet for Lin and upgraded it to a $25 million guarantee over three years, according to a source.
The Knicks were all set to match Lin’s original offer sheet of four years, $28.9 million that only had a 19 million guarantee before the Rockets threw a financial curveball that called for a $15 million third year that would have doomed James Dolan’s luxury-tax predicament. It would be surprising if the Knicks still matched Lin’s offer sheet with three veteran point guards on the roster, Jason Kidd, Felton and Pablo Prigioni.
If Lin made $14.9 million in 2014-15, the Knicks payroll, potentially eight players, could be $87 million — or as much as $17 million over the luxury tax threshold. Originally, the Rockets offer sheet was $9.3 million in the third year.
Felton was squarely on the Knicks radar when free agency began but turned to Jason Kidd because he was immediately available and Felton was still shopping. The Knicks can offer Dan Gadzuric’s $1.4 million non-guaranteed contract to boost the salary and $1 million from Dolan.
“They’re still talking, that’s all I can say,’’ an NBA source said.
Last night, the Knicks also declined to match the offer sheet of Lin’s buddy, Landry Fields, as expected. The Raptors offered Fields a three-year, $19 million deal that was also back loaded in the third year at $8.5 million.
Felton had great success with Amar’e Stoudemire two seasons ago before being traded in the Carmelo Anthony blockbuster . The Post quoted Felton’s agent, Tony Dutt earlier this month, saying the Knicks had shown “great interest’’ and Felton would love a return.
Last season, Felton shot just 40.7 percent with the Blazers, a sickly 30.5 percent from the 3-point line amid reports he was out of shape. He appeared miserable with the Blazers and almost never spoke to the writers after practices.
The Knicks had brought in Jason Kidd to be Lin’s mentor and Spanish League veteran Pablo Prigioni. The 24-year-old undrafted Harvard point guard seemingly hasn’t earned the Knicks confidence he was ready for a full-time starting role next season, though Woodson anointed him starter a few days ago.
A source confirmed the Rockets had attempted to present the Knicks with Lin’s revised offer sheet Friday but Knicks general manager Glen Grunwald appeared to be avoiding it. It appears Grunwald was buying time to see if there are other alternatives than giving Lin $15 million in the third year of his contract.
The Houston Chronicle reported a courier went to the Knicks hotel in Las Vegas to deliver the offer sheet. but a Knicks official told them they were not accepting deliveries. Once Grunwald gets the offer sheet, they would have just 72 hours to match or lose him to Houston.
A source told The Post, “There’s been a variety of ways the Rockets have tried to give Grunwald the offer sheet.’’
Yesterday, Grunwald did not attend the Knicks summer-league opener against the Grizzlies, and the Rockets had sent an official to the arena to deliver the offer sheet. They also sent a official to the Knicks practice Friday night. but Grunwald wasn’t there. According to NBA rules, the offer sheet has to be hand-delivered to the club’s general manager before the three-day clock starts.
Earlier in the day after Team USA’s practice in Washington, Tyson Chandler, a big Lin supporter, warned things might not work out with the point guard because of the new terms in the offer sheet.
“It’s difficult now,” he said. “I don’t know what the situation will be. They put us in a tough situation as far as the organization goes, and I don’t know what’s going to happen here going forward.”
The Knicks were bitter because they told Lin the club would match the original offer and Lin apparently shared the information with the Rockets, who decided to raise it. The free agency started off with acrimony on July 1` when the Knicks decided to let Lin set his market value instead of making him an offer.
marc.berman@nypost.com