The news has been released. What we’ve all been waiting for. Whats the story with Lamar Odom? Not what we all expected, but I’m really not all that concerned.

According to a statement released by the Lakers spokesmen, John Black, and the General Manager, Mitch Kupchak, the Lakers have taken the offer to Lamar off the table.

It was reported that they were offering Odom a three year deal worth $27 million. Thats $9 million per year. It’s a slight pay cut compared to last season but allow me to break it down for you.

I’ve been arguing for quite some time that Lamar was overpaid. I see him as simply an overpaid role player. He’s not particularly good at anything, but his presence on the court is valuable and he creates plays in different ways. Lamar is extremely versatile and is truly an asset to the organization.

To take the negotiations to the next level, I’m realy not all that worried about Lamar going elsewhere. He definitely won’t be settling for the Mavs mid level exception offer. I don’t see him leaving the Lakers to play for the Heat for one million more per year. This leaves one team that he could potentially sign with, the Portland Trailblazers.

The Blazers have signed Paul Millsap to an offer sheet that will take up all of their salary. The Utah Jazz have the option to match the offer, but this will likely only happen if the Jazz is able to move Carlos Boozer first. It is unlikely that they can tie up both players. With that said, the chance of the Blazers taking Lamar are slim to none.

With all of this put into the equation, combiend with the fact that Lamar is one of Ron Artest’s best friends, I’d say the Lakers chances at resgining him are quite good. It’s just a matter of time before he gives in and realizes that with this economy, he can’t go out and demand all the money in the world.