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The Lakers are looking to improve on a solid season in which they won 47 games but lost in the first round of the playoffs. Free agency is going to be an extremely important component of their roster building this summer, and they have some very big decisions to make.

Retaining their own free agents will be a priority, chief among them LeBron James. But they also have some spending power to find outside help.

Here are the biggest decisions that LA faces, along with the options open to it.

Ranking best free agents for Lakers in 2024

1. LeBron James

2024-25 salary: $51.4 million player option

Valuation: $47.8 million valuation

James will have until June 29 to decide on his $51.4 million option for next season. If he does opt-in, then the decision is made for the team. More likely, he will opt out to seek a bigger deal.

James is eligible to sign a contract for up to three years and $162 million. Should the team go that high?

He’s still conservatively a top-15 player and should remain so next season. He’s probably not worth quite that much money — my salary model has him pegged at around $130 million in value over the next three seasons, starting at $48 million for the upcoming year.

The Lakers will try to get a discount from that maximum deal, both in terms of average annual salary and years. A two-year deal might be preferable for both sides, giving James flexibility and the Lakers an out if he starts to rapidly decline. Look for a deal in the $100 million range over two seasons.

2. D’Angelo Russell

2024-25 salary: $18.7 million player option (2024-25)

Valuation: $25.6 million valuation

Russell looked like a lock to decline his player option after shooting a blistering 41.5 percent from 3 during the regular season. He developed into the Lakers’ third-leading scorer at 18.0 points per game.

Another shaky playoff outing has put his decision up in the air, but he should get more than $19 million if he opts out. This is a very weak free agency class and he’s worth around $26 million if he can keep up his level of production from this season. The Magic need a point guard, shooting and have cash to spend.

If Russell does opt out, then the Lakers could still re-sign him at a different number. It would bring them into the first apron to do so and potentially into the very punitive second apron. They should not go above that $26 million mark.

If Russell walks, it’s not the end of the world for the Lakers. That opens up the $12.9 million mid-level exception to bring in an outside free agent. There are some fun targets that could fit into that salary slot.

3. Kelly Oubre Jr.

Type of free agent: Unrestricted

Valuation: $14.0 million

There wasn’t much interest in Oubre last summer. He signed a one-year minimum deal with the Sixers, which ended up being one of the great bargains of the year.

Oubre averaged 15.4 points per game for the 76ers, starting 52 games for them. He is an OK shooter, hitting 32.7 percent of his 3s for his career, and he gets to the rim at a good clip. He’s a solid on-ball wing defender as well, although he can lose focus as a help defender.

Oubre is the type of two-way wing that the Lakers have been lacking. They also have the personnel in place to limit his low feel and simplify his role. He could be a nice signing with that full $12.9 million mid-level exception.

4. Obi Toppin

Type of free agent: Restricted

Valuation: $16.9 million

Toppin is a tough player to value. Based on how he played with the Knicks in an awful role, he’s worth about $9 million in my model. In a perfect role with the Pacers that utilizes his scoring, he’s worth $21 million. Baking in some decline on a different team, he comes out to $16.9 million.

There’s a good chance that the Pacers will not be able to afford that price tag. Re-signing him could take them into the luxury tax, which they typically have not paid. And they have a potential replacement in Jarace Walker, who was just taken with the No. 8 pick in the 2023 draft.

If Toppin is on the move, he could be one of the better scoring forwards available. He is a great athlete who can dunk with the best of them, and he hit the 3 at a 40.3 percent rate in 2023-24.

Toppin is a well below-average defender who doesn’t possess a great feel for the game. But he’s only 26 years old, and a new deal at the mid-level exception would take him through his prime years.

5. Gordon Hayward

Type of free agent: Unrestricted free agent

Valuation: Veteran’s minimum

Hayward had a disastrous second half of the season after being acquired by the Thunder, failing to crack the rotation and looking timid when he did play. Sam Presti admitted that it was a mistake to trade for him at the end of the season.

That outcome was surprising given that Hayward was playing well in Charlotte before the trade, averaging 14.5 points per game and contributing solid defense. At age 34 and after an injury-plagued career, he’s not close to the guy he was 10 years ago. But he is a 37.0 percent 3-point shooter who can do a little bit of everything.

Hayward is worth a minimum based on his awful level this season. If he can return to his play with the Hornets, he jumps up to $17.3 million in value. He might be totally washed, but he would definitely be worth a flier at a price near the minimum.

The best of the rest: Saddiq Bey, Kyle Anderson, Spencer Dinwiddie, Derrick Jones Jr., Andre Drummond, Eric Gordon, Royce O’Neale, Dario Saric