I think it is obvious that the Lakers are done trying to rebuild their team through the draft. Yes, they have gotten some players that seem like they should be very good, but it hasn't done anything from them. And after their disappointing 4th in the draft this year, they're turning to doing it like the recent champions have done it. Free agency. They are betting big that they won't need their next 3 first round draft picks.
Also, after all the problems the Lakers front office has had, they are trying to fix it all by just winning. As an organization, it would be worth the extra payout. The Lakers, as a commodity, has always had a strong image. But after years of losing the mess with Pelinka and Johnson (and the recent coaching search fiasco) have put the Lakers name in the toilet. Magic Johnson = Lakers. And after buying into the Dodgers, Magic Johnson has been closer and closer to fully beloved status across LA. And now Johnson has thrown the entire organization under the bus.
On the surface, it looks like they overpaid. But if they can start winning next season, all of that will be forgotten. And that would definitely be worth it, but that's a big IF. It is a calculated gamble that could work out very well for them. Especially with the Warriors out for the year. I just don't know that just LeBron and Davis get them there though. LeBron wasn't impressive last year. The year before that he willed the Cavs to the finals but he couldn't do much with what the Lakers had. Some because he's in decline, some because the roster was a mess. But just getting Davis doesn't get that done.