Lakers trade for Jeremy Lin

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The Houston Rockets have traded guard  Jeremy Lin and a future first-round pick to the Los Angeles Lakers, a league source told ESPN's Jeff Goodman.

The Lakers were amenable to this deal, according to sources, because Lin is only under contract for one more season, thus preserving their cap space next summer. They also covet draft picks, after trading away their first-round picks in 2015 and 2017 to Phoenix and Orlando as part of the Steve Nash and Dwight Howard trades, respectively.

The Rockets made a maximum offer to center Chris Bosh of four years, $88 million, but came up empty as he agreed to a deal to return to the  Miami Heat on a five-year, $118 million contract, sources confirmed to ESPN.

The Rockets had intended to match the Dallas Mavericks' three-year, $46 million offer sheet to restricted free agent Chandler Parsons after signing Bosh, a source told ESPNDallas.com. But with Bosh heading back to Miami, their plans are now up in the air.

The Philadelphia 76ers had expressed a willingness to trade for Lin depending on what sort of assets Houston is willing to attach to the deal, sources close to the process told ESPN recently.

ESPN.com's Marc Stein, ESPN.com's Ramona Shelburne and ESPN The Magazine's Chris Broussard contributed to this report.

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