The Lakers declined to use their "amnesty" provision before Tuesday's deadline, meaning Metta World Peace can keep partying.
The team could have waived him without having to pay luxury taxes on his salary, though the Lakers decided against it. World Peace, 32, has two more years and $15 million left on his contract.
As per terms of the new collective-bargaining agreement, teams were allowed to cut one player who was on their roster last summer. Teams would still have to pay that player his salary but his number would not count against their cap.
The Lakers still have the right to use the amnesty provision next summer. Eligible players include Kobe Bryant, who will have one more year and $30.5 million left on his contract next July, Pau Gasol ($19.3 million in 2013-14), World Peace ($7.7 million) and Steve Blake ($4 million).