LOS ANGELES — Dominoes are falling.
Austin Reaves was the headmost, and the most consequential, decision the Lakers had to make heading into their first offseason with Luka Doncic as the clear leading face of the franchise.
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When terms of Reaves’ soon-to-be official agreement to sign a four-year, $185 million max-level contract extension became public on Wednesday morning, it meant everything else the Lakers follow it with will swiftly be buried under the lead.
But there’s a reason why LeBron James is nicknamed “The King.” There’s a reason why the free agency sagas that have been part of his 23-year NBA career – leaving Cleveland for South Beach, returning to his hometown franchise then eventually coming West for what has been an eight-year run in Los Angeles – generate buzz unlike any other.
James is one of one. The 41-year-old future first-ballot Hall of Famer’s every musing generates headlines and segments across a variety of sports talk shows. It isn’t lost on the Lakers, James or the rest of the NBA that at any moment he could decide to call it a day on his historic career: four league MVP awards, four NBA titles and a permanent position in the G.O.A.T. debate.
For James, there are three clear options.
The first appears most likely. Lakers president of basketball operations Rob Pelinka said during his end-of-season press conference in May that he wanted to bring back Reaves, and so, they came to an agreement with their star guard swiftly before free agency officially opens next week.
Pelinka said the same about James, and so did Coach JJ Redick.
“Any team, including ours, would love to have LeBron James on their roster,” Pelinka said. “That’s a blessing in itself just; with what he does.”
Redick added: “I’ll repeat what Rob said: Of course, we want that core (Doncic, James and Reaves) to be back together.”
Reaves has a salary cap hold of $20.9 million – and is unlikely to officially sign with the Lakers until the rest of the cards fall where they may. With more than $50 million of cap space to spend, bringing back James is certainly an option for the Lakers. The question for the organization is, however, what type of pay cut – for less than the $52.6 million he made a year ago – is James willing to take to extend his NBA career for a league-record 24th season. Another factor is James’ dwindling role on the team. During the team’s best stretch of the 2025-26 season – going 16-2 through 18 games on a torrid March run – when all three stars were healthy and available, James occupied a third-leading scorer role behind Doncic and Reaves.
He flexed his basketball IQ for hustle plays, making space for his teammates – particularly Doncic – to shine during a long road trip. In one of those games, on a night when James recorded a triple-double (19 points, 15 rebounds and 10 assists), Doncic put a stamp on his Western Conference Player of the Month performance with a 60-point effort against the Miami Heat.
After Doncic and Reaves suffered Grade 2 strains near the end of the regular season, James reclaimed the star-player mantle.
“I’m not looking at my year as a disappointment, that’s for damn sure,” James said after the Lakers’ were swept out of the second round of the playoffs on May 11, the last time he spoke to the media. “Especially, under – I was put into some positions I never played in my career, actually in my life. I’ve never been a third option in my life. So to be able to thrive in that role for that period of time and then have to step back into the role that I’ve been accustomed with over my career, over my life, playing a sport and being able to thrive under that, and then just my teammates allowing me to lead them under extreme circumstances, that was pretty cool for me at this stage in my career.”
Where the Lakers hold leverage – is with option two for James: departing L.A. to play for another franchise. If he were to leave the Lakers through free agency, there are few teams that can offer him what he would consider fair financially and also be a location where he’d be willing to play heading into his Year 42 season. The Lakers can offer more than the mid-level exception – which as of now, would be more than any other rumored rival team could offer him.
Re-signing James – for example, at about $25 million – could still leave room for the Lakers to bring in a player such as Denver Nuggets forward Peyton Watson, a Long Beach native who played one season at UCLA. Should the Lakers’ Western Conference foes not match their offer sheet on Watson, a restricted free agent, likely due to luxury tax concerns, then the Lakers could swoop in and accommodate both James and a player like Watson’s likely cost of $25-35 million per year.
Two other teams, however, make the most sense for James, if he opts not to remain a Laker: the Golden State Warriors and the Cleveland Cavaliers.
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James and Warriors guard Steph Curry – and not to mention Warriors coach Steve Kerr – have long admired each other – through NBA Finals battles against each other, as well as playing on U.S. Olympic teams together.
Both in the latter stages of their iconic careers, with umph remaining for postseason runs, that team up would turn a long-rumored dream for some, into a reality.
As an over-cap franchise, the most the Warriors can offer James is the $15.1 million non-taxpayer midlevel exception.
The Cavaliers – where James began his career and won the 2016 NBA championship after returning to Cleveland – are far more handcuffed. The most Cleveland can sign James for would be around $3 million, with the Cavs already operating with heavy contracts (such as Donovan Mitchell, Evan Mobley and James Harden) on its roster, leaving them sitting above the second apron.
A sign-and-trade deal involving James would give the Cavaliers room.
Involving center Jarrett Allen in a swap would allow Cleveland – bringing Cleveland temporarily under the second apron – to carry James at the non-taxpayer mid-level exception, similarly to Golden State. That possibility, at the moment, appears to be the most realistic sign-and-trade scenario.
Retirement – albeit unexpected – would remove James’ astronomical $52.6 million cap hold – and would allow the Lakers plenty of flexibility for free agency or trades. It could also afford the Lakers the opportunity to bring back Rui Hachimura, Luke Kennard and Jaxson Hayes – all of whom are unrestricted free agents – and the room to target a free agent for potentially around $20 million in average annual value, even if Marcus Smart and Deandre Ayton opt into their respective player options (their deadline is Monday at 2 p.m. PT).
In all three scenarios, the Lakers have room to take on contracts from teams looking to free up cap space.
James said last month on his “Mind the Game” podcast with Steve Nash that he wasn’t in a rush to make a decision – mentioning a timeline that could bleed into August.
“I think at some point, up until, in June, late June, as July rolls around, free agency starts to gets going and July rolling, maybe into August, we start to kind of get a feel of what my future may look like,” James said on the podcast.
Play in Los Angeles, play elsewhere or end a career that will presumably see him honored with a statue in Star Plaza, the stage is set for James to share what’s next.
James and his agent, Klutch Sports CEO Rich Paul, hold the cards – as they have in the NBA for more than a decade.
And as James said in May, when he is ready, he’ll let the world know.
“When the time comes, then obviously, you guys will know what I’ve decided to do,” James said.
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