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The Knicks have signed Tim Hardaway Jr. to a four-year, $71 million offer sheet

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Steve Mills has awoken from his slumber!

NBA: Atlanta Hawks at New York Knicks Andy Marlin-USA TODAY Sports

RED ALERT! RED ALERT! WE HAVE A KNICKS FREE AGENCY MOVE! THIS IS NOT A DRILL!

It took an astounding five days and 23 hours, but, as they say, the Knicks are back!

Introducing the first Woj (and Begley!) bomb of this Knicks offseason:

A little more contract detail from Shams Charania of The Vertical:

Tim Hardaway Jr., huh? Sounds familiar! Timmy’s a little different since you last saw him in a Knicks uniform, however—he’s 25 years old now, and he’s coming off of a season where he scored 14.5 points per game, shot a career-high .455 from the field and started 30 games.

Depending on how you feel about Derrick Rose, here’s some concurrent news:

So, if Hardaway’s offer sheet is not matched, the Knicks will effectively be saying sayonara to their starting PG of a year ago.

Therein lies the rub here, though—Atlanta, by virtue of acquiring Hardaway from the Knicks two years ago, own his rights as a restricted free agent, and can match the Knicks’ offer sheet. According to those with knowledge of the situation, they may opt to:

And they have received the offer sheet. Start the 48-hour clock.

This move will surely be polarizing, although the general pulse among Knicks Twitter right now is “PANIC!!!”

The plus is, Hardaway is a young player coming off inarguably his best season, and Knicks fans that bought his jersey during his first run here can un-retire it. At 25, he fits the “timeline” of a young team that features four key pieces that are age 23 and under (yes, I’m officially counting Damyean Dotson as a “key piece” along with Kristaps Porzingis, Frank Ntilikina and Willy Hernangomez — he’s a superstar until he’s not!). The Knicks will also probably put together a sweet “I’m Coming Home” montage to welcome Tim Jr. back to the Garden.

The minus is, that’s a hell of a lot of money, over a fairly large number of years.

Should be an exciting 48 hours, to say the least! Is this a good move, a bad move, or a quintessentially Knicks move? Discuss and be nice to each other in the comments.

UPDATE 12:00 a.m.:

The plot thickens...