Lin was attacking the rim in the fourth quarter when he landed awkwardly along the baseline.
The Nets announced the injury on Thursday morning, saying "Lin is expected to miss the entire 2017-18 season".
However, after getting examined today, Lin has been diagnosed with a ruptured patellar tendon of the right knee. While it's encouraging that he was able to walk off the court on his own, there's still "tremendous concern".
Multiple hamstring injuries limited the 29-year-old to just 36 games last season.
According to ESPN, he will undergo an evaluation on his knee in NY with the Nets reportedly concerned over the severity of the injury.
To replace him, the team could look at soon-to-be-free-agent point guard Jameer Nelson, who was waived by the Denver Nuggets ahead of their season-opener against the Utah Jazz, scheduled to clear waivers on Friday.