I hate the fact that people use the "luxury tax" excuse for Odom's contract. Just because the Lakers gave big unwarranted dollars to Bynum, Sasha, and Walton doesn't mean it has to hurt Lamar. Lamar is the definition of inconsistent but he is far more deserving of a nice contract than Sasha and Luke. Those other contracts contribute just as much to the luxury tax penalty as LO.
The other issue is about the length of the contract. Kobe and some of the othe Lakers are getting up there in age, they are going to have to rebuild in the next 4 to 5 years and they don't need LO's contract hanging around their necks. They need to remain as flexible as possible for the post-Kobe era and LO is not the guy to build a team around so why pay him for 5 years when you'll probably be rebuilding in 3 or 4 years.
Like I posted before, both sides have a legit gripe.