Getting Austin Reaves back on a four-year, $53.8 million contract "has been regarded as a steal" for the Los Angeles Lakers, according to the Los Angeles Times' Dan Woike.

Before free agency opened, the general consensus was that Reaves would be sticking around in L.A. NBA insider Marc Stein reported June 26 the Lakers were "a lock to match any offer" for the restricted free agent.

The big question was whether Los Angeles would have to pay through the nose in order to retain Reaves. He emerged as a valuable contributor as the 2022-23 season unfolded and averaged 16.9 points and 4.6 assists in the playoffs.

Interested suitors could've theoretically used the Lakers' widely believed stance on the 25-year-old against them as well. If they were all but guaranteed to match an outside offer, why not drive the price a little higher?

General manager Rob Pelinka was limited by the collective bargaining agreement in what he could directly put on the table to Reaves. Another team, on the other hand, could've gone as high as $98 million, and a contract of that scale didn't seem totally implausible.

At the very least, a final number around $60 million or $70 million felt likely based on the market, and the higher the price tag climbed the closer the Lakers would get to the second salary cap apron.

Instead, all of the fears about Reaves' value in free agency were unfounded.

Around $13.5 million is a more than reasonable figure for a player of his caliber. It will look like a bargain should he continue to improve. At the other end of the spectrum, Pelinka shouldn't have much trouble moving the deal in a trade if his breakout was a bit of a mirage.