Lakers Must Sign Austin Reaves to New Contract amid Rumors of Free-Agency Value

The Los Angeles Lakers are banking at least part of their NBA championship hopes on the breakout play of second-year guard Austin Reaves.

There's just one issue: The entire Association has apparently taken note of his rapid rise. Why does that matter to the Lakers? Because restricted free agency awaits him, and clubs could be ready to shower him with cash.

As relayed by Shams Charania of Stadium and The Athletic, there is "concern" within the Lakers that Reaves could fetch an offer sheet "way, way higher" than the $50 million-plus they're allowed to offer him. They'll have the option to match a pricey pact, but tying up more resources in him than expected could limit their ability to build out this roster.

Still, the cost of keeping him is less damaging than it would be to let him leave for nothing. They have to bring him back, for reasons we'll delve into here.

Reaves' Market Could Be More Muted Than Expected

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HOUSTON, TX - APRIL 2: Austin Reaves #15 of the Los Angeles Lakers goes to the basket during the game on April 2, 2023 at the Toyota Center in Houston, Texas. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2023 NBAE (Photo by Logan Riely/NBAE via Getty Images)

In theory, one could argue Reaves holds universal appeal in free agency.

His polish, poise and production are all things that could attract win-now shoppers. Who doesn't need a complementary piece who can average 13 points on 52.9/39.8/86.4 shooting while more than doubling his turnovers (1.5) with assists (3.4)? Future-focused suitors, meanwhile, could target him for both his experience and growth potential.

In a normal free-agency market, Reaves could have suitors lined up around the block. But this summer isn't a normal market. Most clubs are strapped for cap space. Those who have it either don't seem likely to spend (San Antonio Spurs, Charlotte Hornets) or could be eyeing bigger fish. The Houston Rockets seem determined to land a star. The Utah Jazz might be patiently plotting toward a (wildly optimistic) Luka Dončić deal.

Maybe Reaves emerges as a consolation prize for one of those big dreamers, but that doesn't mean they'll splurge on him. He'll collect a healthy deal, sure, but his bank account may not blow up the way some of these reports make it seem.

Lakers Can't Lose More Homegrown Talent

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CHICAGO, ILLINOIS - DECEMBER 19: LeBron James #6 of the Los Angeles Lakers moves against Alex Caruso #6 of the Chicago Bulls at the United Center on December 19, 2021 in Chicago, Illinois. The Bulls defeated the Lakers 115-110. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Jonathan Daniel/Getty Images)

Credit the Lakers for trading their way into a contender at the deadline. Still, they could have had fewer holes to fill had they just held on to some of their previous finds.

Alex Caruso was originally on a similar path as Reaves. Caruso was another undrafted player whose hoops IQ and hustle earned him both a substantial role and the trust of LeBron James. Caruso never showed as much offensive promise as Reaves, but Caruso similarly offered a slew of winning traits. L.A. still let him walk in 2021 free agency and has probably regretted that ever since.

Talen Horton-Tucker was a hidden gem the Lakers uncovered with the 46th pick of the 2019 draft. He initially showed enough promise for L.A. to give him a three-year, $32 million deal in 2021, but when he struggled the following season, the Lakers abandoned ship and traded him to the Utah Jazz for Patrick Beverley. Horton-Tucker could now be a long-term keeper in Utah, while Beverley was discarded at the deadline.

The Lakers clearly have a strong eye for talent, but getting those players is only the first part. Keeping them is the real gift that can keep giving, and L.A. should have learned its lesson by now.

L.A. Controls This Situation

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LOS ANGELES, CA - APRIL 28: Head Coach Darvin Ham speaks with Austin Reaves #15 of the Los Angeles Lakers during Round 1 Game 6 of the 2023 NBA Playoffs against the Memphis Grizzlies on April 28, 2023 at Crypto.Com Arena in Los Angeles, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2023 NBAE (Photo by Andrew D. Bernstein/NBAE via Getty Images)

For all of the rumblings about Reaves' upcoming free agency, it's important to remember the worst-case scenario outcome is far from catastrophic.

Because he is a restricted free agent, there is no scenario in which the Lakers have to let him go. While they are limited in what they can offer him initially, they have the right to match any offer sheet he signs. So, if he leaves, it will be, at least in part, their decision to let him go.

Now, teams can obviously make this more difficult for L.A. by giving him a contract with less than team-friendly terms. Maybe that's a couple sky-high salaries on the back end. Maybe it's an early escape route via a player option.

Still, none of that gives the Lakers any less control. If they see Reaves as a cornerstone—on balance, he has arguably been their third-best player this season—then they have no excuse to let him leave.