The Los Angeles Lakers fell 110-115 to the Oklahoma City Thunder on May 12, getting swept 4-0 in the Western Conference semifinals. ESPN salary cap expert Bobby Marks immediately broke down the Lakers’ upcoming offseason. Here’s what it looks like.
**Season Record & Draft Pick**
– 2025-26 record: 53-29
– June draft pick: First round, No. 25 overall
**Free Agents This Summer**
– LeBron James: Unrestricted free agent (Bird rights)
– Austin Reaves: Player option (Bird rights)
– Deandre Ayton: Player option (no Bird rights)
– Rui Hachimura: Unrestricted free agent (Bird rights)
– Jaxson Hayes: Unrestricted free agent (Bird rights)
– Maxi Kleber: Unrestricted free agent (Bird rights)
– Marcus Smart: Player option (no Bird rights)
– Luke Kennard: Unrestricted free agent (no Bird rights)
– Chris Manon: Restricted free agent (no Bird rights)
– Nick Smith Jr.: $2.5M team option
– Drew Timme: Restricted free agent (no Bird rights)
**Team Roster Situation**
The Lakers are informally viewed as a “dual-track” team: pushing for a title now while also planning for the future around Luka Dončić. Nine players, including LeBron, have expiring contracts. President of Basketball Operations Rob Pelinka said last August, “We always emphasize the importance of options – not just for the future, but for the present as well.”
That approach paid off during the regular season. The Lakers finished 18-5 in their final 23 games, the third-best mark in the league behind only the Thunder and Spurs. In that stretch, they led the NBA in field goal percentage while holding opponents to 32.2% from three – the lowest in the league. It was also the first time since 2011 that the Lakers posted back-to-back 50-win seasons.
In the first round, without Dončić, the Lakers became the first team in NBA history to win a series while missing their leading scorer. But they couldn’t keep it going against the defending champion Thunder, getting swept in four games.
Now, the front office must balance immediate contention with long-term roster building.
Dončić signed an extension last August, but James, Reaves, Hachimura, and Kennard all become free agents this summer. Reaves has a $14.9M player option and is widely expected to decline it. For the first time since 2019, the Lakers could create salary cap space – but only if they let James, Hachimura, and Kennard walk.
If they only re-sign Reaves, the Lakers could still have nearly $50M in cap space – but that assumes the other veterans agree to veteran minimum deals. Ironically, the Lakers’ own free agents might be the best assets available in this summer’s market.
The Lakers also have two future first-round picks (2031, 2033) that can be traded, plus their 2026 first-rounder (No. 25). They could also take a conservative route: keep the entire 53-win roster, or sign free agents to one-year deals, allowing flexibility for trades during the season or a big cap space summer in 2027.
**Cap Space Rules**
The Lakers’ flexibility depends entirely on which of their own free agents they keep.
– If they renounce all free agents except Reaves (including James), they could create up to $47M in cap space.
– If they also let Reaves go, that number jumps to $67M.
– Reaves, Ayton, and Smart must decide by June 29 whether to pick up their player options.
– If the Lakers have cap space, they can use the $9.4M mid-level exception.
– If they operate over the cap and only re-sign their own free agents, they can use the $15M non-taxpayer mid-level exception.
**Front Office Priorities**
– Finalize a new deal for Reaves
– Re-sign Luke Kennard
– Build a supporting cast around Dončić
– Discuss the future with LeBron James
Now 41, James hasn’t indicated whether he’ll retire or stay. He said in February, “When I decide, you’ll know.” This season, he missed 60 games for the third time in five years but still ranked second in the league in fast-break points (343), trailing only Tyrese Maxey. From March 1 onward, the Lakers were 15-4 in games James played, and though his scoring dipped below 20 points per game, his plus-minus was +7.
If James returns next season, can the Lakers put a contender around him? If he leaves, he’ll likely only be able to sign for the $15M non-taxpayer mid-level exception or a veteran minimum. Since entering the league in 2003, James has earned $584M in career on-court salary.
Meanwhile, Reaves has outperformed his current four-year, $53.8M contract. Before a right calf injury on Christmas Day, he averaged 26.6 points and 6.3 assists on 50.7% shooting and 36.5% from three. When Reaves scored 20 or more points this season, the Lakers went 23-4.
Re-signing him presents two challenges:
– Competition: Only the Nets and Bulls have significant cap space this summer and could drive up the price.
– Injury concerns: Reaves played just 51 games, a career low, making a top-tier guard contract risky.
Because Reaves’ cap hold is $20.9M, the Lakers can use their cap space for other additions first, then go over the cap to re-sign him using his Bird rights – a valuable loophole.
The blueprint for building around Dončić is clear: elite shooters, a rim-protecting, lob-catching center, athletic wings, and defensive-minded role players. Kennard fits the first need – he’s shot over 40% from three for six straight seasons. After the trade deadline, when Kennard shared the floor with Dončić, the Lakers scored 128.4 points per 100 possessions.
But the 2026 free agent class is generally weak, with few quality pieces available. Jalen Duren, Walker Kessler, Peyton Watson, and Tari Eason are all restricted free agents, meaning their teams can match any offer.
**Extension-Eligible Players**
Despite five players being extension-eligible (Kleber, Reaves, Hachimura, Vanderbilt, Bronny James), the Lakers aren’t expected to pursue extensions this summer. Reaves has already said he won’t extend and intends to become an unrestricted free agent.
**Roster Needs**
A two-way starting center, plus more outside shooting and bench depth.
**Future Draft Assets & Pick Rules**
The Lakers have two tradeable unprotected first-round picks (2031, 2033). Their 2032 first-rounder is