LeBron James reportedly plans to forgo his player option next season, but isn’t quite a free agent yet.
Prior to Saturday’s deadline for his decision, the 39-year-old superstar declined his $51.4 million option to play for the Los Angeles Lakers next season but is expected to return to the Lakers with a new deal in free agency, according to The Athletic’s Shams Charania.
Just in: Four-time champion LeBron James of the Los Angeles Lakers plans to waive his $51.4 million player option for next season, sources tell @TheAthletic @Stadium. James is expected to return to the Lakers with a new deal. photo.twitter.com/wQAbSAwCQD
— Shams Charania (@ShamsCharania) June 29, 2024
The last time he was a free agent, James joined the Lakers in 2018, signing a four-year, $154 million contract to head west. He signed a two-year, $97.1 million extension with Los Angeles in 2022 that includes a player option for next season.
James is eligible to sign a three-year, $162 million maximum contract to return to the Lakers in free agency. He is also eligible to sign with any other team in the NBA for a maximum of $157.5 million over the next three seasons. (The NBA limits contracts for players over 38 to three years maximum.)
The 39-year-old is the oldest active player in the NBA, but he shows no signs of slowing down. James averaged 25.7 points (on 54/41/75 shooting splits), 8.3 assists and 7.3 rebounds per game last season, earning an All-NBA third-team honor. He led the Lakers to a play-in tournament berth and the No. 7 seed in the Western Conference. They lost to the Denver Nuggets in the opening round of the playoffs.
While his free agency decisions are unclear, James said he wanted to retire as a Laker during the 2024 All-Star Weekend in February.
“I’m a Laker and I’ve been very happy to be a Laker for the last six years, and hopefully it stays that way,” James said just before making his record-tying 20th All-Star appearance.
Another consideration was James’ son, Bronny, who was drafted by the Lakers on Thursday with the 55th overall pick. James has repeatedly said he hopes to play his final NBA season with Bronny, but recently said he wouldn’t necessarily leave the Lakers to join his son if he is drafted by another team, and his agent Rich Paul made it clear that the two are not a package deal.
Right now, the Philadelphia 76ers are the only championship contender with a maximum salary cap. James could also work out a sign-and-trade deal elsewhere or sign anywhere for just the veteran minimum, although Paul all but ruled out the latter to ESPN’s Jonathan Givony.
“LeBron isn’t going to Phoenix for a minimum deal either,” Paul said. “We can stamp that out now.”
James will take a pay cut for the 2024-25 season at the very least. His $50 million starting salary is nearly $1.5 million less than his option to play for the Lakers. By becoming a free agent, he can now negotiate a no-trade clause with the Lakers in addition to securing a long-term contract. This remains the most likely scenario. James’ family and non-basketball business is based in Los Angeles.
The Lakers also recently hired JJ Redick, James’ podcast co-host, to a four-year contract as their new head coach.
