The Lakers' next steps are unclear, and though James may be patient about building a contender, he's 33 years old.
The eight-time All-Star, who would be playing for his fourth team in as many years, averaged 16.6 points and 12.5 rebounds for the Hornets, his 14th in the league.
The Lakers have the salary-cap flexibility to become a behemoth once more, with James a huge pull for other stars wanting to challenge the Warriors' empire and attempt to upset the status quo.
James helped Cleveland to their first National Basketball Association title in 2016, as they overturned a 3-1 deficit in the National Basketball Association finals to beat Golden State.
"Thank you Northeast Ohio for an incredible 4 seasons", Akron-native James wrote.
It has been reported he attempted to persuade Kevin Durant to join him in LA, thus weakening the Warriors. But that option vanished after James opted out of his one-year contract extension with the Cavs that would have paid him $35.6 million next season. For the most part they seemed grateful to James for leading the team to their 2016 Championship win.
Although Cousins is expected to miss the first few months of next season while recovering from his Achilles injury, the Cousins signing probably ends the possibility of the Warriors taking a flyer on Howard.
But with the Lakers also having lost one key player when power forward Julius Randle agreed to a two-year deal with the New Orleans Pelicans, there's a possibility management may now be looking for another big man to fill the void.
Dwight Howard reacts after being fouled against the San Antonio Spurs during Game 2 of the Western Conference Quarterfinals of the 2013 NBA Playoffs at AT&T Center on April 24, 2013 in San Antonio, Texas.