The Lakers officially signed Ron Artest, in case his smiling visage and lengthy entourage among a throng of reporters at a news conference Wednesday in El Segundo didn't confirm it.
But will Artest be the Lakers' only big-name announcement this summer?
The Lakers remain far apart in negotiations with unrestricted free agent Lamar Odom, a chasm that probably widened with the NBA's announcement of a lower salary cap for next season. In figures released by the NBA, the salary cap fell for only the second time since it was introduced in 1984, a nod to the severity of the economic slowdown. Of greater importance to the Lakers, who knew they were tens of millions of dollars over the salary cap, was a drop in the luxury-tax threshold from $71.15 million last season to $69.9 million next season.
The Lakers have already committed $83.78 million to 12 players next season, meaning they would pay an additional $12.26 million in luxury-tax penalties with their current roster, which does not include Odom. Teams pay a $1 tax for every dollar they are over the luxury-tax threshold.
Furthermore, in a memo distributed to league executives, the league warned of a much bigger drop in the luxury-tax threshold for the 2010-11 season.
The threshold could fall to $65 million, or perhaps millions lower, meaning the Lakers would pay even more taxes in two years.
Thus, the Lakers aren't expected to budge off a contract offer they made to Odom of unspecified length, likely within a million or two of the average NBA player's salary of $5.85 million.
Odom spent the holiday weekend in Las Vegas, perhaps trying to get over the fact that he might not see the $10-million annual salary he envisioned on his next deal.
Lakers General Manager Mitch Kupchak said he hoped an agreement would still be struck with Odom.
"I don't know how strong a word that [hopeful] is, but I am hopeful," Kupchak said. "I'd like to get some clarity in the next day or two or three, but knowing Lamar, it's an emotional time for him. I know he had to get away a little bit. I think Lamar just needs to work his way through it. Maybe it's helpful for him to see other players sign for whatever they signed for, and maybe it's easier to see where you fit into that group."
If the Lakers don't get Odom, who turns 30 in November, they are out of attractive free-agent options and will change their roster only via trade or by signing a veteran for a league-minimum salary of about $1 million next season.
