Austin Reaves has spent the first four seasons of his Los Angeles Lakers career with the reputation of being one of the best bargain players in the NBA. Reaves began his career on a minimum contract and has entered borderline All-Star territory on a steal of a second deal.
With contract extension negotiations looming and free agency unlikely to be more than a season away, however, investing in Reaves is suddenly more risky than it once seemed.
Reaves played his first two seasons in Los Angeles on a two-year deal worth less than $2.5 million. He's now set to enter the third season of a four-year contract worth less than $54 million. Considering he's emerged as one of the most dynamic guards south of the All-Star line, it's safe to say it was money well spent.
Reaves has a player option worth just under $14.9 million for the 2026-27 season, however, and is more likely to cash in on his rise to prominence than he is to play another season below market value.
As such, the Lakers are now faced with a decision that will define the trajectory of the Luka Doncic era. Reaves is an undeniably talented player who's well worth a raise, but massive financial gambles are far more restrictive under the new CBA.
Building around a backcourt duo of Doncic and Reaves would be easy to justify, but it must be noted that an increase in salary carries an entirely new level of expectations.
Austin Reaves will no longer be on a bargain contract after 2025-26
Reaves is coming off of a season during which he averaged 20.2 points, 5.8 assists, 4.5 rebounds, 1.1 steals, and 2.7 three-point field goals made per game. It marked the third consecutive campaign during which he increased his averages in points, assists, rebounds, steals, and three-point field goals made.
Most impressive of all: Reaves maintained a strong level of efficiency despite the uptick in volume, shooting at a clip of .460/.377/.877.
For as strong as those numbers are, the reality remains that he's benefited from the expectations of a player on a bargain contract. It's a rare luxury of being underpaid in the NBA, as Reaves' average annual salary of $13,456,968 has permitted the Lakers to make other roster decisions to lighten the burden—and, quite frankly, it also saves him from criticism when he's off his game.
Players can only be so shielded from the critics when they're playing for the Lakers, but Reaves has avoided the type of scrutiny that those who are paid like stars so often receive.
If Reaves signs an extension or re-signs in free agency in 2026, that safety net would be removed. Not only would a lucrative contract entail the pressure of performing at a star-caliber level on a nightly basis, but it would restrict the Lakers in a way they've thus far been able to avoid.
With Doncic likely to end up with a supermax contract if he opts to sign an extension or re-sign with the Lakers in 2026, and Reaves potentially inking a massive deal himself, Los Angeles would effectively be hoping that said duo would be enough to lead the franchise to a championship.
Lakers won big with Austin Reaves, but lighting rarely strikes twice
Reaves is the type of player who can make a general manager look like a genius—or at least buy them time. The latter was accomplished in Los Angeles, as the Lakers' free agency fumbles were largely offset by the emergence of a rising star playing for an average of less than $13.5 million per season.
Once Reaves signs a bigger contract, however, the Lakers will lose that luxury—and signing another star-caliber player to such a team-friendly deal will border on impossible.
Perhaps the scouting department will find another diamond in the rough, but in the meantime, Doncic and Reaves will be the foundational pieces in Los Angeles. Both will be tasked with stepping up every time out, and neither will avoid criticism if the Lakers fall short of expectations.
With LeBron James inching closer to retirement, it's also unclear who the Lakers would be able to bring in to try to replace his immeasurable value.
Fair or foul, it's the harsh reality of a salary-capped league. Teams only have so much money to work with, and those signed to the heftiest of contracts are held to the standard of facilitating winning at the highest level. If Reaves continues to play well, but fails to reach a higher tier, one of the most underpaid players in the NBA could enter into an entirely different realm of discussion.
Reaves deserves the opportunity to sign a more lucrative contract, but the Lakers must be prepared for what that will entail both on the court and in their future roster construction efforts.
