The deal to reacquire (Ray) Felton — who played 54 games for the Knicks in 2010-11 — was taken by many as an indication that the Knicks would let (Jeremy) Lin depart, despite his wild success on the court last season and his global marketability.

Felton will receive a three-year, $10 million contract in a sign-and-trade deal with the Portland Trail Blazers, according to a person briefed on the details. The Knicks will also receive Kurt Thomas, another former Knick, in the deal. In exchange, Portland will receive Jared Jeffries (in a sign-and-trade arrangement), plus the nonguaranteed contract of Dan Gadzuric, the Knicks’ second-round draft pick in 2016 and the rights to two overseas players.

via Howard Beck of The New York Times