This coming summer is supposed to be the NBA offseason in which Los Angeles Lakers GM Rob Pelinka retools a contender around Luka Dončić. It's been talked about for months. Pelinka will finally have the cap space required to surround Luka with lengthy defenders, shooting, and an upgrade at center. On the free agent market, Pelinka will surely pursue Denver Nuggets wing Peyton Watson; on the trade market, don't rule out Cleveland Cavaliers big man Jarrett Allen.
But is Pelinka really going to have as much cap space as everyone assumes? Amid all of the excitement about Pelinka's supposedly imminent summer spending spree, Lakers fans seem to be forgetting about three contracts that could significantly eat into Pelinka's cap room.
LeBron James, Luke Kennard, Austin Reaves all need to get paid
Though LeBron's max deal is expiring, it's been widely reported that a return to LA for the King grows increasingly likely. Pelinka will have to negotiate that deal (or choose to walk away) early in the offseason. Pelinka and the Lakers' front office are also dead-set on signing Reaves to a max deal this summer, according to all reports. And don't forget about Luke Kennard, whom the Lakers are reportedly highly interested in re-signing.
So, one max deal for Reaves, a contract of unknown (but assumedly sizable) dollar figure for LeBron, and a not-close-to-minimum contract for Kennard are already ostensibly on Pelinka's cap sheet, before any other moves have been made. NBA insider Jake Fischer wrote about this Lakers reality on Thursday for The Stein Line (subscription required).
Jake Fischer explains why Lakers' cap space isn't bounteous
"The Lakers theoretically could have nearly $50 in cap space, but they obviously want to re-sign Austin Reaves even before factoring in the mystery of how LeBron James' looming free agency plays out," Fischer wrote. "Another tricky variable that has emerged: It is increasingly anticipated leaguewide that the Lakers will want to retain the recently acquired Luke Kennard after his strong first-round series against Houston."
With Fischer also adding that he's heard from sources that they expect Kennard to be part of the Lakers' future, it becomes clear that LA's core might be more of a "run it back" situation in 2026-27 than many fans realize (or desire). Or maybe not, especially with regards to the fringes of the rotation.
You can pretty much guarantee that LA won't be resigning Rui Hachimura, unless he's willing to take a minimum deal (unlikely, given his age and market), and, in an attempt to free up more cap space, Pelinka will also likely look to trade other non-essential players under contract, including Jake LaRavia ($6 million owed in 2026-27), Jarred Vanderbilt ($12.4 million) and Deandre Ayton ($8.1 million player option).
Dalton Knecht's fate is unclear. He has a $4.2 million team option that Pelinka might decline if funds are really tight; or, that same situation might convince Pelinka that Knecht has to be an affordable rotational player for the Lakers next season. That's probably a conversation between Pelinka and Redick about Knecht's viability as an impact player.
If the Lakers re-invested their belief in Knecht and had Dalton and Bronny James operating as rotational players in 2026-27, they'd be taking up two spots in the Lakers' rotation for less than a combined $6.5 million -- a possible avenue to LA saving money. Pelinka might also feel that it makes more sense to decline Knecht's option and sign a veteran wing for the minimum who is good enough to be in the rotation.
Anyway, the rest of the rotation might look like LeBron, Luka, Reaves, Kennard, Marcus Smart, and two or three offseason additions, with at least one of those additions being a center. This is all speculation, but there's bound to be a ton of roster turnover, especially if Pelinka truly is high on Kennard.
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