Stein: Landry Fields signed an offer sheet with the Raptors.

May 9, 2012; Miami, FL, USA; New York Knicks guard Landry Fields (2) dunks past Miami Heat guard Dwyane Wade (3) during the first half of game five in the Eastern Conference quarterfinals of the 2012 NBA Playoffs at the American Airlines Arena. Mandatory Credit: Steve Mitchell-US PRESSWIRE

Breaking news at this hour: Landry Fields, a restricted free agent of the Knicks, has signed an offer sheet with the Toronto Raptors. ESPN's Marc Stein reports:

Just going up online and via SportsCenter: Raptors and Knicks' RFA Landry Fields have agreed to three-year offer sheet

Now, we don't know any details yet, but this seems like it could be some trickery. The Knicks were reportedly relying on signing and trading Fields to make a deal for Steve Nash work. The Raptors, of course, would also like to sign Steve Nash, and giving Fields an offer sheet that the Knicks would have to match SEEMS like it could complicate that, though I'm not exactly sure how right now. One more thing: Stein says that Toronto's offer sheet might have a massive spike in year three-- a "poison pill" like what Omer Asik got and what folks say Jeremy Lin might get.

In any event, New York has until July 14 to match Toronto's offer to Fields. I'll update this once I see more.

Update: You can't match-and-trade, so the Raptors may have just successfully boned New York's offer to the Suns for Nash. He could still sign for less (or the Knicks could offer Iman Shumpert and make me cry and vomit), but this might do it. Clever girls.

Update: The deal is worth close to $20 million over three years. Bye?

Update: Bear in mind that an offer sheet just signifies intention. Nothing actually begins until the 11th. Fields could still back out (no idea why he'd do such a thing, but it's possible).

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