Jeremy Lin has joined the Lakers in a trade with Houston along with first- and second-round draft picks in 2015 for the rights to center Sergei Lishchuk.
The Lakers made the deal official Sunday.
Lin will make about $15 million this season in the last year of a deal that counts only $8 million against the salary cap. The Lakers have cap room to absorb Lin's contract.
Lin averaged 12.5 points and 4.1 assists last season but lost his starting job. The Harvard player was born in Los Angeles and figures to be popular with the city's large Asian community.
Lishchuk played for Valencia in Spain last season. He was drafted by Memphis in the 2004, dealt to the Rockets in 2008 and traded to Lakers in 2010.