We’ve known this since LeBron James let it be known he was going to the Lakers back on July 1, rocking the NBA world.

Now it is official — LeBron has signed with the Lakers.

That is a four-year, $153 million contract with a player option in the fourth year.

“Today is a great day for the Lakers organization and Lakers fans all over the world to welcome LeBron James, a three-time NBA Champion and four-time NBA MVP,” Lakers President of Basketball Operations Earvin “Magic” Johnson said in a statement. “LeBron is special. He is the best player in the world. He loves to compete and is an awesome leader who is about winning and making sure that his teammates are successful. The Lakers players are excited to have a teammate who has been to nine NBA Finals. It’s a huge step closer to returning the Lakers to the playoffs and to the NBA Finals.”

The Lakers are closer to returning to the NBA Finals, but they are not there. Yet. LeBron’s signing further stacks the Western Conference and puts the Lakers back into the national spotlight, but the roster around him is not going to threaten Golden State or Houston as currently constructed.

The Lakers have a solid young core led by Brandon Ingram, Lonzo Ball, and Kyle Kuzma. To that, Magic and GM Rob Pelinka have added Rajon Rondo, Lance Stephenson, Kentavious Caldwell-Pope, and JaVale McGee. That’s a lot of big personalities, a lot of guys who are considered playmakers (but aren’t consistent at it), not a lot of shooting and not a lot of consistent defenders. All of which is to say, the Lakers are a good team, a playoff team, but nowhere near a contender yet.

What the Lakers have done is left themselves a lot of flexibility — Rondo, KCP, Stephenson, and McGee are one-year deals. Whether by a trade or next summer in free agency, the Lakers are poised to land another superstar or two who can pair with LeBron and turn this team into a threat to the Warriors. For all the spin about playmakers and competing, the Lakers are about being in position to add an elite player or two. That’s what matters. After that, the rest of the roster can be filled in.

LeBron gave the Lakers four years, which gives Magic/Pelinka time to get that star without overpaying (for example, sending all their good young players to San Antonio now for Kawhi Leonard). They can be smart and patient.

We’ll see if that pays off, and how patient Laker nation — and LeBron — can be.