The Los Angeles Lakers’ record-setting sale produced celebration across Los Angeles and disbelief throughout professional sports.
For Jeff Schwartz, it exposed a contradiction.
Schwartz, the founder and chief executive of Excel Sports Management, used the Lakers’ $12.5 billion valuation on Wednesday to criticize the NBA’s collective bargaining agreement and the National Basketball Players Association for a market he believes has squeezed older players.
“Incredible, the Lakers sell for $12B, yet teams won’t spend on older vets because of current CBA rules,” Schwartz wrote and shared by his agency on X. “Thank you, Union.”
The sarcasm was unmistakable. So was the timing.
Schwartz represents Russell Westbrook, the former Lakers guard who announced his retirement later Wednesday after 18 NBA seasons. Schwartz did not mention Westbrook in the post, and there is no evidence the CBA caused the 37-year-old’s decision. Still, the message landed as one of the league’s most accomplished veterans was preparing to walk away.
Beyond Westbrook, his client list includes Nikola Jokić, Cade Cunningham, Tyler Herro, Kristaps Porziņģis and highly regarded rookie Cam Boozer, giving his criticism relevance across generations and salary tiers.
Russell Westbrook’s Agent Targets NBPA
GettyRussell Westbrook of the Los Angeles Lakers poses for a picture with his jersey during a press conference at Staples Center on August 10, 2021 in Los Angeles, California.
The Lakers’ sale price and their basketball payroll are separate financial matters. Franchise valuation does not create salary-cap space or allow an owner to ignore league rules.
Schwartz’s larger point concerned the contrast: NBA franchises have become increasingly valuable while veteran players face a shrinking market created partly by the spending restrictions in the 2023 CBA.
The agreement, negotiated by the league and NBPA, introduced punitive first- and second-apron rules. Teams that cross those payroll thresholds lose access to certain exceptions and face significant restrictions on trades and future draft picks.
The result has been greater caution around the margins of rosters. Even wealthy ownership groups must consider the competitive penalties attached to additional spending, making younger and less expensive players more attractive than veterans whose roles may be limited.
Westbrook experienced that market firsthand. After declining a $3.4 million option with Denver in June 2025, he remained unsigned throughout the summer before agreeing to a one-year minimum contract with Sacramento shortly before the season began.
He averaged 15.2 points and 6.7 assists in 64 games for the Kings, but did not secure another contract before retiring.
Westbrook Ends Hall of Fame Career
Westbrook announced his departure with a reflective video narrated by actor Michael B. Jordan, saying he was leaving basketball on his own terms.
He retired as the NBA’s career leader with 209 triple-doubles. The 2017 MVP also made nine All-Star teams, won two scoring titles and led the league in assists three times.
His career included a turbulent stop with his hometown Lakers.
Los Angeles acquired Westbrook from Washington in 2021, hoping to form a championship trio with LeBron James and Anthony Davis. The fit never settled. Westbrook averaged 17.4 points, 7.2 assists and 6.9 rebounds across 130 games before the Lakers traded him to Utah in February 2023.
He later played for the Clippers, Nuggets and Kings, repeatedly accepting smaller contracts and reduced roles to remain in the league.
That late-career journey gave Schwartz’s criticism additional weight, even if the agent did not connect his client directly to the post.
Hours before Westbrook closed a Hall of Fame career, his representative challenged the system governing its final chapter.
The Lakers’ soaring value supplied the number. Westbrook’s retirement supplied the context.
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