The arbitration hearing to restore Larry Bird rights to Knicks free agents Jeremy Lin and Steve Novak will be staged June 13, according to an NBA source. It is a very important date for the Knicks’ free-agent future as a victory would be a major coup.
If the Players Association wins the appeal, the Knicks will be allowed to re-sign Lin and Novak without using their $5 million mid-level exception. That would nearly assure the Knicks of being able to bring back Novak. A victory would also give the Knicks a chance to not only re-sign Lin but have the mid-level exception available to sign another noted free agent — perhaps even Steve Nash.
As it stands, the only way the Knicks can re-sign Lin or Novak is using their $5 million exception, because both players lost their Bird rights after being waived and claimed by the Knicks. Novak is a longshot to return under the current structure.
The union will contend Lin and Novak should maintain their Bird rights, just as a player that is traded does. The legal argument is Lin and Novak had no say in their contracts being shipped to another team via waivers.