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Having a look at what the LA Lakers did during the trade period, at first glance it'd be very easy to be completely underwhelmed.
  • Vladimir Radmanovic was traded to the Charlotte Bobcats for Adam Morrison & Shannon Brown.
  • Chris Mihm was traded to the Memphis Grizzlies for a conditional second round draft pick (apparently so heavily protected that it's likely that the Lakers will never see it).
But there are many reasons why the Lakers will be happy with what occurred during the draft period.

1. Everyone else stayed put
Not one of the other top teams did anything substantial at all.  Perhaps Boston ends up adding Joe Smith or Mikki Moore, but nothing anyone did amounts to a helluva lot.  If LA can maintain the way they've been playing, then the fact that no-one made moves to try and catch them is a big plus.

Bynum-dunk2. Cutting to avoid luxury tax
In these days of 'reduced spending', the fact that LA was able to get to a point where they'll be able to maintain the current roster next season is a phenomenal thing.  Radmanovic's contract was a huge burden on the franchise, there were more than 6 million reasons to get rid of him.  Whilst Chris Mihm has been useful in the past, he's the fourth center on the full roster, 5th if you consider that Odom's capable. 

3. Positive messages
Important.  By not going into hock to get a big man, the LA front office basically told the current team that we're happy with what we've got, particularly supportive of Pau Gasol and Lamar Odom.  It also let Andrew Bynum know that they believe he'll be ready by the time the playoffs come around, and that he's still the no. 1 big guy at his position.  Knowing that your team believes in you cannot be overstated.

4. Shannon Brown could be a nice addition
Least reason, but depending on how he comes along, he could actually become a part of the regular rotation.  He certainly has amazing athleticism.