The Los Angeles Lakers and Houston Rockets are finalizing a deal that will send point guard Jeremy Lin to Los Angeles, reports Adrian Wojnarowski of Yahoo Sports. Houston will also trade their 2015 first-round draft pick to the Lakers, according to the Los Angeles Times' Mike Bresnahan. The Lakers will give up cash considerations and an overseas prospect in return,
Los Angeles will not send any salary back. Lin's contract expires at the end of the 2014-15 season, keeping the Lakers' salary structure mostly intact for another important free agency period next summer. Lin counts as $8.3 million against the Lakers' salary cap but will make approximately $15 million total.
The Rockets are preparing to sign Chris Bosh to a maximum contract and are likely to match the Dallas Mavericks' offer sheet to Chandler Parsons. General manager Daryl Morey had already lined up a trade to send Omer Asik to the New Orleans Pelicans, and trading Lin is the final step to create the cap space necessary to finish retooling the roster with Bosh.
Los Angeles lands an upgrade at point guard and won't give up anything to take Lin off the Rockets' hands. It isn't the type of "superstar" move the team angled for going into the summer, but it's a solid move that cost the Lakers nothing to agree to. The Lakers leveraged their available cap space, that hasn't been used to sign a high profile this summer, to acquire assets, which is still a win for the front office.