What do you pay a guy who’s basically your team’s favorite indie movie… you know, low budget, big heart, and somehow still getting standing ovations at Cannes? That’s the Austin Reaves dilemma in Los Angeles right now. He’s a fan favorite, a locker room stabilizer, and a genuinely elite secondary playmaker when things click. But behind that scrappy charm lies a brutal financial standoff: $90 million from the Lakers… or $160 million in the open market?

According to Sam Vecenie and Bryce Simon on the Game Theory podcast, Reaves’ camp, to say the least, isn’t blinking. “There’s no circumstance where he takes a four-year, $90M extension,” Vecenie said. Not with the cap rising and his stock steadily climbing. Now, here’s where things get a little bit spicy.

The Lakers might not be sweating it. Why? Reaves’ cap hold in 2026 is just over the mid-level exception, an absolute bargain. Rob Pelinka could delay Reaves’ payday, go shopping with big money next summer, then circle back to re-sign him using Bird Rights. That’s classic cap gymnastics. It’s also very on brand for a front office that just locked up Luka Doncic. Yes, that Luka.

After a chaotic midseason trade and a few too many cryptic Instagram stories, Luka Doncic re-signed with the Lakers on a three-year, $165 million deal. He averaged 28.2 points, 8.2 rebounds, and 7.7 assists with L.A. this season, anchoring their playoff push and helping revitalize a shaky offense. He’s becoming the gravitational force LA has been in need of for far too long. And in 2026, he’s the only guaranteed big contract on the books. Everyone else?

Either team options, minimums, or cap-friendly deals. Which means the Lakers could be staring down near-max-level cap space next summer. That’s when things get real. Want to keep Luka happy? Give him a better roster. Want to keep Austin? Pray he doesn’t take that rising-cap leverage and walk straight into another team’s tax bracket. It’s a gamble on all sides, and the pot just keeps growing. Here’s where it gets nuanced.

Reaves isn’t just a vibes guy in LA. No, though his chemistry with Luka has been meme-worthy. He averaged 20.2 points, 5.8 assists, and 4.5 rebounds this season. He’s a legitimately good combo guard, with off-ball movement that makes him a perfect fit next to heliocentric stars. And while he’s not a high-usage creator, he doesn’t need to be. But is he a $160 million player? Add to this how LeBron and Reaves both reportedly do not like playing with Doncic, and you’ve got yourself a classic comedy for ages.

Is Reaves more than a glue guy, but less than a max?

Gambadoro, on the Burns and Gambo Show, didn’t put any filters while stating what seems to be obvious these days, “LeBron does not like playing with Luka… Reaves does not like playing with Luka. Reaves does not like getting the ball with two seconds left on the shot clock. LeBron is not fond of playing with Luka. The Lakers are going to turn their attention to build around Luka, not LeBron.” But that $160 million number implies high-end starter borderline All-Star value.

The Los Angeles Lakers have to weigh that against the opportunity cost. If locking up Reaves means missing out on another star or two elite role players in 2026, it’s not just a financial decision anymore. It’s a roster-shaping one, right? Plus, there’s the Reaves question from his side: does he even want to wait until 2026? If the Lakers don’t offer an early bump and he keeps playing well, the market might throw absurd offers at him.

Think Sacramento, Orlando, even the Warriors if they strike out on other guards. Teams with money, upside, and no issue paying for winning habits. Meanwhile, Pelinka has to walk the tightrope: keep Luka content, stay financially nimble, and not let Reaves’ camp feel disrespected. Because the moment Reaves becomes more than just a fan favorite, say, a playoff hero again, his leverage multiplies.

The numbers don’t lie. But in L.A., the narratives talk louder. If Reaves is the heart, Luka is the lungs, and Pelinka needs to make sure both can breathe in 2026. So… what’s more valuable: $160M of Reaves, or a shot at building a dynasty around Doncic? Maybe the answer is both. But getting there? That’s going to require every bit of that cap gymnastics magic. And maybe a little more patience from Austin Reaves than his camp is currently willing to give.