4:58pm: Lin wants more money than the $31MM offer from the Rockets, reports Ian O'Connor of ESPNNewYork.com (Twitter links). Lin is now waiting to see if the Mavericks present him with an offer as the team remains in the hunt for a starting point guard.
10:59am: The Rockets' offer is for four years and worth a little over $30MM, according to Alex Kennedy of HoopsWorld. Marc Berman of the New York Post pegs it at about $31MM. Lin has yet to make a decision on whether to accept it.
THURSDAY, 12:28am: The Rockets have extended an offer to Jeremy Lin and he's considering it, according to Adrian Wojnarowski of Yahoo! Sports. Houston's multiyear offer includes a significant raise in year three, designed to hit the Knicks hard in the luxury tax. Lin will mull over the offer sheet and decide whether to accept it or to keep shopping, says Wojnarowski (all Twitter links).