Isola: The Knicks are acquiring Raymond Felton and Kurt Thomas. (Updated: 12:11 AM)

Mar, 18, 2012; Oklahoma City, OK, USA; Portland Trail Blazers point guard Raymond Felton (5) reacts to a foul with teammates Portland Trail Blazers power forward LaMarcus Aldridge (12) Portland Trail Blazers guard Jamal Crawford (11) and Portland Trail Blazers center Kurt Thomas (40) during the third quarter against the Oklahoma City Thunder at Chesapeake Energy Arena Mandatory Credit: Richard Rowe-US PRESSWIRE

Okay, so Frank Isola just went and broke this:

The Knicks have acquired Raymond Felton and Kurt Thomas from Portland for Jared Jeffries and Dan Gadzuric, sources tell the Daily News

Alone, that strikes me as a wonderful trade. I'll miss Jeffries, but Kurt Thomas is still a solid big man, and he only adds to the former Knicks/old people aspect of New York's roster. Felton, meanwhile, serves as additional point guard depth.

...or is he the starting point guard? That's what we're waiting for. If the Knicks do this and match Jeremy Lin's offer sheet, I'll be thrilled. If they don't match that offer sheet, I will be very sad. There were rumors an hour or two that they wouldn't but they have since faded. We'll see. I'm feeling much less frightened than I was before, but I won't feel content until Lin is a Knick. Let us hope (or don't hope. I guess I can't assume that you also want Lin back. I think you're kind of crazy if you don't, though).

Update: Ken Berger says there's a 2016 second rounder going to Portland as well, because the Knicks just love trading picks. Isola says New York will get rights to some foreign people. I don't care about any of this right now. I only care about Lin.

Update: Marc Berman hears that the Knicks probably won't match Lin's offer sheet. Shit.

Update: Marc J. Spears:

Blazers will sign guard Raymond Felton to a three-year, $10 million deal and then trade him to Knicks in sign and trade, source tells Y!

Update: Marc Stein says the Knicks did receive the Jeremy Lin offer sheet today and officially have until Tuesday at 11:59 PM to match/decline.

Update: Jason Quick says the deal isn't done and probably won't be until tomorrow.

Update: Sam Amick says it's 4 years/$18 million for Felton. That doesn't even seem possible, so let's see.

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