Feb. 20, 2012; Phoenix, AZ, USA; Phoenix Suns guard Steve Nash during game against the Washington Wizards at the US Airways Center. The Suns defeated the Wizards 104-88. Mandatory Credit: Mark J. Rebilas-US PRESSWIRE

In the span of hours, the Knicks looked like they could potentially have both Steve Nash and Jeremy Lin in their backcourt, to watching Nash end up a Laker and Lin receive a backloaded offer from the Houston Rockets.

To most Knicks fans, it seems as if everyone around them is getting better, while the Knicks are getting worse by the day. With that being said, where do the Knicks go from here?

Priority No. 1 now must be to match any offer to Lin.

Yahoo! Sports Adrian Wojnarowski reports on Twitter that the Rockets will offer Lin a backloaded deal that puts the Knicks in severe luxury tax problems three years from now, should they match it.

Houston’s multi-year offer to Jeremy Lin includes back-loaded money designed to hit the Knicks hard on luxury tax, source tells Y!

— Adrian Wojnarowski (@WojYahooNBA) July 5, 2012

While that is something owner James Dolan doesn’t want to do, he’s legitimately out of options at this point.

It’s a big risk though.

When the 2014-15 season rolls around, not only will the Knicks have four players in Lin, Carmelo Anthony, Amar’e Stoudemire and Tyson Chandler all making over $14 million, but those four players alone will put the Knicks $2 million over the luxury tax line.

That’s without the nine other players that will have to be in uniform on a nightly basis.

Then there’s the obvious fact that committing over $30 million to a player who has started 25 NBA games makes very little sense from a basketball standpoint.

It may not be something you want to hear, but Lin is still an unproven commodity and there’s just as good of a chance that he flops as there is that he becomes a long-term success.

April 15, 2012; Sacramento, CA, USA; Portland Trail Blazers point guard Raymond Felton (5) calls out to his teammate against the Sacramento Kings during the fourth quarter at Power Balance Pavilion. The Sacramento Kings defeated the Portland Trail Blazers 104-103. Mandatory Credit: Kelley L Cox-US PRESSWIRE

However if the Knicks plan is to go for it, then matching any offer for Lin is what they have to do.

They can clear cap space in three years if they have to, but that likely means another rebuilding process.

Next up, they need to sign Raymond Felton immediately.

Frank Isola of the New York Daily News reports that the Knicks are the leading contender to sign Felton and while it’s not the popular option, they need to add a point guard to the roster.

Ideally Felton would be the veteran backup the Knicks are looking for, but if there is any chance that the Knicks don’t match an offer to Lin, at least they will have a capable point guard in place.

After that, the rest of the Knicks’ money needs to go towards a shooting guard, possibly bringing back J.R. Smith, and a big man who can come in and spell Chandler without it resulting in a huge drop-off at the defensive end.

I’m just speculating here, but a guy like Aaron Gray would fill that role nicely and could be had rather cheap.

To say the Knicks offseason hasn’t gone according to plan is the understatement of the year, but there are still options out there. Now it’s up to them to make it work.

Strike out on this round of free agency and what once looked like a potentially deep team on paper could be worse than the 2012 team that ultimately lost in the first round of the playoffs.

Follow Matt Shetler on Twitter for news, reaction and analysis from around the NBA.

Could Delfino be a Sixth Man in NY?

SF Carlos Delfino (2011-12 salary: $3.5 million)

Delfino is an interesting player on the free agent market. The Milwaukee Bucks used him last year in a sixth man role, where he did more than hold his own. Delfino averaged 9.0 points, 3.9 rebounds and 2.3 assists a night in roughly 29 minutes of action. His first two years in Milwaukee, he actually averaged better than 11.0 points a night while shifting between the starting rotation and the bench.

Delfino would be an interesting option for the Knicks to consider, especially if J.R. Smith doesn’t re-up with his player option. He can provide an offensive spark, while not commanding a high volume of touches, and more than hold his own on defense (averaged 1.5 steals last season for Milwaukee). The one deterring factor would be price. Delfino is likely to at least equal his 2012 value on the free agent market this season.

Could Flynn return to MSG?

PG Jonny Flynn (2011-12 salary: $3.4 million)

The former Syracuse Orange star has had some huge moments already in Madison Square Garden, just none as a professional. Once the sixth overall draft pick (immediately following the selection of Ricky Rubio), the star has faded on Flynn so badly that he was rather lost on the Portland Trail Blazers bench last season, and has already played for three different organizations under his original rookie contract.

There is virtually no chance of Flynn coming remotely close to matching last year’s salary figure after a year in which he averaged just 4.5 points and 3.3 assists. However, as a buy-low option, I’m completely intrigued by his skills. A return back to New York could be just what the doctor ordered, especially considering the expectations wouls be as low as they have been in a long time. There’s also his performance in the last game of the season when he put up 18 points and 11 assists against a Utah Jazz team that was fighting for a playoff berth. If you can buy into Flynn as a back-up point option that has started in the past, why wouldn’t you roll the dice on him?

Could the Knicks look to add size?

C Aaron Gray (2011-12 salary: $2.5 million)

One thing the Knicks did not have coming down the stretch last season was a true back-up big man. They often used Jared Jeffries or Steve Novak at the four and five on their second unit, and the team found themselves undersized at pivotal moments in games.

Aaron Gray would be a nice fit on the Knicks bench that could see some minutes and give Tyson Chandler a breather. Gray will never be a scoring threat underneath, but he can guard the rim reasonably well and grab some much-needed rebounds when Chandler or Stoudemire isn’t on the floor. He averaged 5.7 rebounds a game, while only seeing 16.6 minutes of action each night. His 48-minute average would be a remarkable 16.6 boards a night, with an equally encouraging 4.9 offensive rebounds per 48 minutes. If Gray would settle for equal or less than his salary last year, he’s another name the Knicks should give a lot of consideration.

Is Stevenson's defense worth the money?

SG DeShawn Stevenson (2011-12 salaray: $2.5 million)

Deemed as “LeBron’s kryptonite” after his strong defensive performance against King James in the 2011 NBA Finals with the Dallas Mavericks, Stevenson’s play went pretty much unnoticed with a disappointing New Jersey Nets squad. Last year, Stevenson offered nothing offensively, averaging just 2.9 points on 28.5% shooting from the field. However, he can still bring the effort on the defensive end, and should obviously be rejuvenated by playing on a competitive team with the spotlight the Knicks will command next season.

He’s another guy like Flynn that didn’t play to his salaray last season, so he could be another buy-low option to fill the 8th or 9th rotation spot on the bench. If used correctly, Stevenson is still a useful piece, and will be cheaper than other defensive stoppers on the free agent market, like Delonte West.

What would Howard bring to NY?

SF Josh Howard (2011-12 salary: $2.15 million)

Once a budding star with the Dallas Mavericks, Howard has become a good option for teams to look at on their bench over the last few seasons. Playing around 23 minutes a night in Utah last season, Howard brought in 8.7 points, 3.7 assists and 1.2 assists. There isn’t anything Howard does to seperate himself from the field anymore, but considering his price value and the quality of play he can bring to the court each night, he’s worth a look. He shouldn’t be one of the first options the Knicks consider in the off-season, but if their other plans fall through, he’s better than most fall back options.

How much will Lucas get in free agency?

PG John Lucas III (2011-12 salaray: $900k)

Of all the players listed before him, Lucas is the only on this list that has absolutely earned himself a raise heading into next season. How much that raise will be will determine if the Knicks consider him off their bench. With Derrick Rose missing so much time to injury last season, the Bulls had to play C.J. Watson and Lucas more than they were probably prepared for, but both players proved their real value in the unexpected playing time.

Lucas flashed a strong ability to score, but never wowed anybody with his distribution skills. Should Lucas fall into the Knicks price range, he’s a good piece a a back-up point guard/potential swingman. However, how other teams evaluate Lucas and what they offer him may determine the Knicks course of action.

I never thought it’d be uttered, but THIS is more like it. Aaron Gray is officially up for grabs. This from his representative, Jason Zanik, “I think he really enjoyed being with New Orleans, (but) the opportunity to come free made it a good time to explore the market for him.”

Not positive yet as to what the market will be for a player like Gray, but he is a true seven footer, and he did play well in the Hornets Game 1 upset victory against the Lakers in these playoffs. He takes charges, rotates well, and is more than capable of holding his own against 98 percent of the league’s centers. In his first full season with New Orleans last year, Gray’s minutes increased to a career best 13 per game, his shooting percentage took a noticeable hike to 56 percent from his career average of 51, and he posted his best defensive rebounding rate yet, at 25.8 percent.

If the Knicks were to attain Gray, they could make him a full-time starter, but unfortunately there are health issues. He’s only played 190 games in his first four seasons. If nobody out there’s willing to take a flier on him and he falls into New York’s lap on a one year deal, Gray could become a 270 pound blessing in disguise. Once again, I can’t believe I’m writing this.

Twitter: @BucketsOverBway