Rapid Reaction: No more Lin in N.Y.

WHAT IT MEANS: Raymond Felton is in, Jeremy Lin is out.

The Knicks declined to match Lin's three-year, $25 million offer sheet from the Houston Rockets on Tuesday night. They will now hand their offense over to Felton.

If they get the same Felton who thrived for 54 games with the Knicks in 2010-11, the drop-off might not be as significant as some have predicted.

Felton averaged 17.1 points and 9.0 assists in 38 minutes per game with New York before he was dealt to Denver in the Carmelo Anthony trade.

But the 28-year-old is coming off of a tough year in Portland, in which he averaged 11.4 points and 6.5 assists per game and hit just 40 percent of his shots.

Also at point guard for the Knicks is 39-year-old Jason Kidd. If things don't work out with Felton, the Knicks may be forced to play Kidd major minutes. And that could be a problem.

WHY NOT MATCH? A team source told ESPNNewYork.com before the Knicks made the announcement on Tuesday that owner James Dolan was hesitant to pay Lin $14.8 million in 2014-15. That's what Lin will be paid in Houston.

For most of the offseason, though, it was widely assumed that Dolan would match any offer to Lin, luxury-tax implications be damned.

But the team source stressed that notion wasn't entirely true.

"He does care (about spending)," the source said. "He's also paying to renovate the Garden. That's not cheap."

WHAT'S LEFT: It looked like GM Glen Grunwald was having a solid offseaon. The Knicks brought back Steve Novak and J.R. Smith and acquired veterans Marcus Camby and Kidd.

But with Lin out of New York, there's a significant portion of the Knicks that are at the, ahem, latter stages of their career. Kidd's 39, Camby's 38 and Kurt Thomas, who was acquired in the sign-and-trade deal for Felton, is 39.

There's also a lot of wear and tear in the starting five.

Carmelo Anthony has been in the league for nine years, Amare Stoudemire has been a pro for 10 years and Tyson Chandler has been playing for 11.

RIGHT CALL? Public opinion seems to be split here.

There's the camp out there that couldn't see the logic in paying Lin -- who has started just 25 games in his career -- $14.8 million in one season.

Then there's the other side. Those who thought there was no way you could let Lin walk for nothing, that he was the team's best option at point guard.

So what you you think? Was it the right call? Something the Knicks will regret?

Let us know in the comments section below.

You can follow Ian Begley on Twitter.