This is correct per my sources. Via @DanWoikeSports on X

What happened: Dan Woike confirmed Jovan Buha's account regarding the final terms of the extension. Reaves agreed to a lower amount than the maximum possible structure.

Why it matters: Securing the guard preserves backcourt continuity for Los Angeles heading into the upcoming 2026-27 season. The long-term commitment aligns with the organization's offseason salary-cap structure, which keeps the roster operating below the first apron while retaining salary-matching flexibility for future transactions.

What to watch: Watch for Los Angeles to formally announce the agreement as the organization completes its roster adjustments ahead of training camp.

Sources