They have room for the full max so that offer isn't impossible. But if he agrees, that basically puts the Lakers right at the cap or maybe over it when you add in the rest of the guys under contract (Kobe, Nash, Randle, Marshall, and Sacre). I don't have the CBA memorized but that means in order to get Pau, they'd have to exercise his Bird Rights in order to go over the cap to sign him. It also means LA is basically restricted to minimum level FAs unless they are their own (again, bird rights)
This too. I don't think it's a coincidence that the only Lakers FA to sign with another team so far is Jodie Meeks. I'm not saying that 'Melo is coming to L.A., I don't think he is.
But I'd bet the Lakers other FA's are waiting to see what happens and may have even asked told to "sit tight and be patient".
I heard today that even after being over the cap and paying the luxury tax, the Lakers still turned a profit of $100 million dollars (nearly double the next closest team), so they are not concerned with any luxury taxes.