Jeremy Lin Gets Nike Contract Extension, Will Have Signature Shoe

Nike has extended its contract with New York Knicks point guard Jeremy Lin, according to reports.

The undrafted point guard out of Harvard first signed with the shoe company before his rookie season in 2010 with the Golden State Warriors. But now, less than three weeks after becoming a household name, Lin will become even richer as Nike may be the beginning of a stronger wave of future endorsement deals that he will be offered.

While the terms of the deal remain under wraps, ESPN Radio reported last week that Nike planned to release a new signature shoe that features the Knicks' trademark blue and orange colors and Lin on the back of the heel. ABC News reported that Nike will also soon roll out a new promotional ad campaign built around Lin.

Beijing Business Today reported that before Nike snagged Lin, Chinese companies such as Li Ning, Peak Sports and Qiaodan Sports were ready to make bids for his endorsement.

Lin's Nike deal also comes as the Knicks and Lin's lawyers are vehemently trying to protect his trademark rights for future gear and endorsement deals.

The New York Daily News reported last week that Pamela Reese, a Washington-based lawyer, filed papers to trademark Lin's name and Linsanity as both the Knicks and the NBA said they were cracking down on counterfeit gear worldwide.

Ayal Deutsch, NBA senior vice president and chief intellectual property counsel, told the Daily News in a statement earlier this week that the NBA is coordinating with Lin's representatives in also cracking down against the unauthorized use of his name and image.

According to estimates by Forbes magazine, Lin has become the world's fastest growing brand, surging to $14 million.