The Los Angeles Lakers and LeBron James have reportedly reached an agreement on a two-year contract that is somewhat reduced. This will prevent the organization from having to pay the highest possible level of the NBA luxury tax.
James signed a new contract on Saturday worth $101.355 million, which was around $2.7 million less than what he was entitled to under the NBA’s collective bargaining agreement. This information was first reported by ESPN, which cited anonymous sources. This is the first time in ten years, according to ESPN, that James has agreed to play for less than the maximum amount.
The Lakers will remain below the $188.931 second apron, a punitive barrier that will go into effect for the 2024–25 season, because of James’ financial sacrifice—a modest couch cushion shift for the 20-time NBA All-Star. Teams that spend more than this
The 39-year-old’s generosity must be understood in its larger perspective, though.
Sportico’s study places James as the fifth-highest-paid athlete of all time, with his inflation-adjusted total earnings coming in at $1.7 billion. In addition to his NBA salary, James earned $126 million last year from his portfolio of endorsement deals, which included a $30 million-a-year lifetime agreement with Nike.
James’ representative Rich Paul of Klutch Sports said ESPN last week that his client would be open to accepting a lower salary in exchange for the Lakers being able to acquire a “impact player” with the $12.9 million midlevel exception. However, the Lakers were unable to make good on that attempt, failing to land its two top targets—former Warriors guard Klay Thompson, who was dealt to Dallas, and former Chicago Bulls guard DeMar.
