Where do you stand with East River rivalry?

The Nets have spent approximately a third of a billion dollars on their roster since July 1.

On Tuesday night, the Knicks elected to let Jeremy Lin -- one of the most beloved athletes in New York City -- go over $25 million (plus further luxury tax penalties).

Linsanity, indeed.

That being said, how do you feel about the state of basketball in NYC right now?

And we should probably revisit this question: Given that the Nets just re-signed Kris Humphries and the Knicks just let Lin go, which is the better team?

Also, will Knicks fans switch allegiances and become Nets fan because Lin is no longer a Knick?

Netsdaily.com's most current blog entry features the headline: "Welcome Knicks Fans!"

An excerpt from the blog:

Expect Wednesday to feature some high-profile defections and some tasty response from the Nets' marketing types. We asked one of them if they had anything planned if the Knicks didn't match the Rockets' offer for Lin. His response, "You'll see."

Let us know your thoughts in the comments section below.