The Houston Rockets have traded Jeremy Lin to the Los Angeles Lakers, as first reported by ESPN's Jeff Goodman and confirmed to CBSSports.com's Ken Berger.
News that the two sides were talking was first reported by ESPN's Marc Stein.
The Rockets finalizing Jeremy Lin, a future first-round pick and other draft considerations to the Lakers, league source tells Yahoo, Adrian Wojnarowski, with Yahoo Sports, tweeted.
The Lakers will send cash and rights to overseas player to the Rockets, but no salary back, league source tells Yahoo, Wojnarowski added.
This is a part of Houston's strategy to open up cap space to sign free agent big man Chris Bosh in the wake of LeBron James' decision to sign with the Cleveland Cavaliers. Bosh will soon speak with Rockets head coach Kevin McHale, and is moving closer to joining the team, according to Yahoo Sports' Adrian Wojnarowski.
It was previously reported that the Sixers would be likely trading partners for Houston, but the Lakers make sense as well.
Los Angeles has all the cap space in the world, and Lin's contract expires next summer. The Lakers took advantage of an opportunity to acquire extra assets from the Rockets, plus add a legitimate rotation player to a team that is full of empty roster spots.
It's just a shame this couldn't have been done while Mike D'Antoni -- the head coach who oversaw Linsanity -- was still with the team.
The Rockets just needed to be free of Lin's contract, as they intend to sign Bosh and then match the Dallas Mavericks' offer sheet for Chandler Parsons. As a result of the Parsons offer sheet, the Rockets only have a couple of days to get all of this done. Looks like they're moving as quickly as possible.