Is Austin Reaves worth more than what the Lakers can offer him?

The Lakers gave the undrafted Reaves a two-year deal when they signed him in the summer of 2021. Had he signed for three years, even with the third year unguaranteed, they would have his "Bird Rights" and be able to go over the salary cap any amount to bring Reaves back.

Instead, the Lakers are limited to "Early Bird rights," which limit them to offering Reaves 105 percent of the average salary in 2022-23 ($11.3 million) with eight percent annual raises. That works out to a four-year, $50.8 million deal.

But despite the "Gilbert Arenas Provision," which limits the starting salary for a restricted free agent with less than two years in the league, another team that wants Reaves could go up as high as roughly $99 million for four years. That's because a team can dramatically increase Reaves' third-year salary all the way up to the max, and give him a 4.5 percent raise on top of that for Year 4.

This puts the Lakers in a predicament. Reaves has been making huge plays all year for the Lake Show. Since the team traded Russell Westbrook, Reaves averaged 15.9 points per game on 57.2 percent shooting, including 45.1 percent from three-point range, along with 4.8 assists. In the playoffs, his numbers dipped only slightly, to 15.4 points and 39.7 from three.

Reaves had 23 points and six assists while eliminating the Warriors in round two, plus a half-court buzzer-beater to end the first half.

He's clearly worth more than the $12.5 million per year the Lakers can offer. The team can match any offer he gets, but will the Lakers break the bank for Reaves, knowing they'll have LeBron James and Anthony Davis on maximum deals? The team also has to give new contracts to free agents like D'Angelo Russell and Rui Hachimura, further complicating the salary cap math.

Reaves should have plenty of suitors this summer. But because of the back-loaded nature of Reaves' deal, where the last two years will be wildly more expensive, we expect the Lakers to match any offer. They didn't do that for Alex Caruso, and he went on to become a first-team All-Defensive guard in Chicago.

They've been burned once in losing a valuable undrafted guard. The Lakers should match any offer for Reaves, and figure out how to manage the books around him in two years.