In order to completely understand the moves a team makes the timeline of events must be listed as well.
Pre Draft
Pelicans defer the Lakers pick, giving the Lakers pick 17 in this year's draft
D'Angelo Russell opts out of his contract but doesn't shut the door on a return to the Lakers
Lakers agree to a trade with the Nets and Pistons where they send out pick 17 and a future FRP swap and Gave Vincent for Jaden Ivey
Explanation: Lakers buy low on a high upside prospect giving them a potential Russell replacement if he decides to walk for nothing
Wood, Hayes, and Reddish all opt into their contracts
Draft
Pick 17 the Lakers select Dalton Knecht who is immediately traded to the Nets
Free Agency
Resign Prince for a 2 year 9.5 million dollar deal with the 2nd year being a player option. Prince had other offers but decided to stay put as long as he had the flexibility to get another deal next year.
As teams run out of spendable money, Malik Beasley quickly runs out of monetary options. He is left with returning to the Bucks for the minimum or going back to the Lakers for the minimum for 2 years with a PO on the 2nd year. He chooses the Lakers after feeling disrespected by the Bucks lack of prioritizing him
Chuma Okeke similarly runs out of suitors and the Magic release his cap hold making him an UFA. The Lakers take a shot on him giving him the same deal as Beasley.
Russell decides to come back for on a 3 year 75 million dollar deal. He too gets a PO on the final year.
Start of Season
Starting lineup:
Russell
Reaves
James
Hachimura
Davis
Off the bench they lean on Ivey and Caruso in the back court giving teams an explosion of athleticism and defense in comparison to their starters. In the front court they have some familiarity with Reddish, Prince, and Wood all coming back for year 2. JHS starts year 2 in the G-League along with Maxwell Lewis.
During the season
I would compare their season to the 21-22 Bulls season. A strong start with a surprisingly great defense. Injuries cause a downfall in the middle of the year which leads to the team considering moving on from Reaves and/or Russell but ultimately they hold on to both and make another play in.