Austin Reaves has progressed all the way from cute, fun story to bonafide third star alongside LeBron James and Luka Doncic. His continued upward trajectory has put the Los Angeles Lakers in a truly unique situation, employing three stars with legitimate flexibility to improve their roster beyond them — a cap situation that won't last long as 2025 NBA free agency looms.
Because of the oxymoron that is restricted free agency, Reaves is currently on the books for an astoundingly cheap $12.9 million this season, with two years, $28.8 million left on his current contract. He has a player option for the 2026-27 season that he will almost assuredly opt-out of to finally hit unrestricted free agency.
When those negotiations begin, they'll be for an absolutely critical player to the Lakers' success.
On the season, Reaves is averaging 20.1 points, 5.9 assists and 4.5 rebounds per game. He's done so while operating at times as a primary, secondary, and tertiary creator, maintaining his own rhythm no matter what was asked of him. Here is a fun list of the roles and responsibilities he's had to carry this season:
Start next to D'Angelo Russell, guard the other teams' best perimeter player, AND initiate the offenseUnsurprisingly, the Lakers weren't very good when Reaves was asked to do all this
Start next to Max Christie (who handled perimeter defense), initiate the offenseThe Lakers were quite a bit better with this arrangement
Start next to Doncic, focus back on point of attach defense, shift to secondary/tertiary creator
In all three instances (and every situation in between), Reaves figured out ways to maximize his impact, no matter what the Lakers were asking of him. His own individual production is obviously impressive, but when you consider the flexibility he's had to show en route to that nightly stat line, Reaves might actually be one of the most unique players in the NBA.
As such, he won't be cheap for long.
This summer, Reaves will become eligible for an extension of four years worth around $90 million. Even for the sake of showing good faith, Rob Pelinka would be wise to offer the full max, even if Reaves is considered unlikely by league sources to sign the deal. He's then expected to opt out of his player option for the '26-27 season.
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With the cap rising and Reaves filling a critical position on a title hopeful, the floor for his next contract probably sits at around $32 million and goes up from there, depending on how this and next season go.
Reaves will have no shortage of interest around the league, too, according to sources with knowledge of the situation. The San Antonio Spurs were considering making him a poison pill offer last time he was a free agent, and now that he'll be unrestricted, they're considered likely to circle back to Reaves even with Stefon Castle and De'Aaron Fox because of the aforementioned flexibility. There are several other teams monitoring the situation, too, according to league sources.
So, with Reaves' contract potentially tripling in value in the next couple years and James' ongoing battle with Father Time, the Lakers' first title window with Doncic is pretty definitively set at this and next season. From there, they'll have to reassess their situation and, in all likelihood, pursue a star to replace James.
How this year's campaign will go will depend largely on a rather shallow rotation and unproven starting center in Jaxson Hayes. James and Rui Hachimura are both nursing injuries. Reaves, James and Doncic have all been learning to play together on the fly. If the Lakers overcome all of that and go on a length playoff run, it would lay the foundation for a successful Doncic era.
This summer will be the latest most-important offseason in recent Lakers history. With James considered likely to opt out of his contract, some draft compensation, and expiring contracts, Pelinka will have the tools to build a serious title contender and Doncic, Reaves, and James for next season.
As always, the pressure will be on Pelinka and the Lakers organization to produce at a high level this summer. If they don't things get tricky, quickly.