Your Jeremy Lin Knicks jerseys may soon be collectors' items: After the Houston Rockets made the extravagant $25 million three-year deal to the breakout star over the weekend, the NY Times is now reporting that the Knicks will not re-sign Lin:

The Knicks plan to cut ties with Jeremy Lin on Tuesday night, according to a person briefed on the decision, ending a brief, spectacular and now bittersweet love affair between the 23-year-old point guard and his adoring fan base. Lin will play next season for the Houston Rockets, who signed him to a three-year, $25.1 million offer sheet that the Knicks have elected not to match.

The Knicks are not expected to announce their decision until this evening, and there is still a chance — albeit incredibly small — that it could be reversed. But as of 4 p.m. the decision had been made and was considered final by those with knowledge of the deliberations. Indeed, the deliberations were said to be over.

Oh, luxury tax. How will Jimmy Dolan explain this?!

Update: It's done: The Knicks have confirmed that they will not match Houston's offer. And the Daily News says it's because Dolan felt... betrayed!

As recently as last week, all signs pointed to Lin returning, with coach Mike Woodson even saying that Lin would be his starting point guard and that newly acquired Jason Kidd would serve as the backup.

But in Lin’s original deal with Houston he was to receive $9.8 million in the third year. With the Knicks publicly stating their intentions to match the offer, Lin and his representatives went back to the Rockets to restructure the contract.

That third-year balloon payment of $14.9 million could cost the Knicks another $35 million or more in luxury-tax penalties. Dolan has a history of overpaying his players and has never before shied away from the luxury tax.

But in this case, Dolan, according to sources, felt betrayed. After all, the Knicks had signed Lin in December after the second-year point guard out of Harvard had been cut by both Golden State and Houston.

Jeremy Lin just Tweeted, "Much love and thankfulness to the Knicks and New York for your support this past year...easily the best year of my life #ForeverGrateful" right after saying, "Extremely excited and honored to be a Houston Rocket again!! ‪#RedNation"