Austin Reaves and the Los Angeles Lakers have agreed upon a four-year, $185 million contract with a player option for the 2029-30 season, reports ESPN's Shams Charania. Reaves had declined his $14.9 million player option for the 2026-27 season to become a free agent.

Reaves' $20.9 million cap hold will remain on the Lakers' cap sheet until they finalize their other offseason business and will then make $41.3 million in Year 1 of his contract.

The Lakers could have offered Reaves a five-year contract worth up to $241 million, well above the four-year, $179 million maximum any rival team could present. The $185 million contract is the richest in NBA history for an undrafted player and is his maximum on a four-year contract.

Reaves was expected to receive free agent interest from the Brooklyn Nets and Detroit Pistons. Marc Stein reports that the Pistons had begun to plan the necessary maneuvers to pursue Reaves with a max contract offers, which would have required trading Isaiah Stewart.

Reaves turned in a career year in his fifth NBA season, averaging 23.3 points on 49 percent shooting and 36 percent from three-point range, adding 5.5 assists, 4.7 rebounds and 1.1 steals per game. He appeared in a career-low 51 games after missing time with a left calf injury at midseason and an oblique injury that sidelined him for the start of the Lakers' first-round playoff series against the Houston Rockets.

Reaves, who is represented by Aaron Reilly and Reggie Berry, previously re-signed with the Lakers in the 2023 offseason on a four-year, $54 million contract as a restricted free agent that was his max at the time. Reaves could have signed a richer contract with a rival team that the Lakers subsequently matched, but that type of scenario never materialized.

Reaves told a local television station he hoped to remain with the team throughout his career.

"I want to be in LA. I want to play my whole career in LA. I love it there. I love the fans. Love the weather, love the golf," Reaves told K8 News. "And obviously the Lakers are the best organization in basketball."

Reaves began his career with the Lakers on a Two-Way contract in 2021 that was converted to a standard NBA deal before the start of his rookie season.