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Wood exercised his $3 million player option for the 2024-25 season Tuesday, Michael Scotto of USA Today reports.

Wood was a sporadic part of the rotation in Los Angeles this season, appearing in 50 games with averages of 6.9 points, 5.1 rebounds and 1.0 assists in 17.4 minutes. There could potentially be a lot of changes for the Lakers this offseason depending on whether or not LeBron James picks up his player option, so it's difficult to project Wood's role for next season at the moment.

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