"We’re happy to add a veteran big man to the roster," said General Manager Mitch Kupchak in a statement. "Roy is a proven All-Star center that will help improve our front line. In addition, he is a consummate professional and we look forward to having him on the team."
The Lakers will absorb his $15.5-million salary into their available cap space. Hibbert is eligible for a 15% trade bonus, worth $2.3 million, but it's possible he waived it to leave the Pacers.
If not, the Pacers are responsible for paying Hibbert's bonus, but the Lakers would need $17.8 million in cap space.
After signing guard Lou Williams, forward Brandon Bass and rookie guard/forward Anthony Brown (taken 34th in the 2015 NBA draft), the Lakers are likely to have used up their available cap space, barring an additional trade.
"I'd like to thank Roy for all his contributions during his time in Indiana," said Larry Bird, Pacers president of basketball operations in a statement. "He was a two-time NBA All-Star, and we appreciate everything he did for our franchise both on and off the court."
The Lakers had some concerns the team could get caught in the crossfire of the DeAndre Jordan tug of war between the Dallas Mavericks and Clippers, with fears the Mavericks might try to make a late pitch to Indiana.
"This could [mess] up the whole league," said a team executive, who was not permitted by league rules to comment publicly.
While Jordan did ultimately renege on the his deal with the Mavericks, Bird and the Pacers kept true to their word in honoring a deal reached with the Lakers over the NBA's annual moratorium.
Without Jordan, the Mavericks are in need of a center. The Lakers have filled that hole with a defensive force in Hibbert.