Lakers would clear $5mil in cap space (That's if you don't Decline Sessions' Team Option (You Would) and Hawes stays with his Player option (Probably wouldn't, if you don't play him))
If both of them are gone, the Lakers clear $18mil or so in cap space. ( Belinelli & Tarik would be good trade pieces to get some, if not all of the 2nd rounders back that we traded to Charlotte. That opens up another $13.2mil )
So, if you let Sessions go, Hawes leaves, and you can trade Belinelli & Tarik Black for a 2nd rounder, we would have up $50 million in cap space, would be around $43mil if we keep our pick + Hornets pick (Including Swaggy's player option / cap hold)
With that you can make a serious run at Gordon Hayward & Nerlens Noel, If you strike out on both, you fill it by overpaying on 1 year rentals for guys that fit a need (Backup PG, SG, 3&D, 5th Big) and you would be relying on all of our young guys... Then come back in 2018 and make a new run at Cousins & PG.