Jim Hill reported yesterday that Odom was scheduled to meet with Pat Riley and Dwyane Wade about joining the Heat.

Talks have resumed with Odom and the Lakers, but they remain pessimistic that Odom will return.

Hmm. This is the first I’ve heard about the Lakers being “pessimistic.” All of the national coverage of this story has suggested that it’s pretty much an inevitability that Odom will return to the Lakers.

The LA Times Laker Blog has this to say…

…but today on 710 ESPN’s Mason and Ireland Show, co-host/KCAL sideline reporter John Ireland said the people he’s talked with- also within the organization- remain optimistic. As he noted, kinda depends on who’s on the other end of phone…

Ramona Shelburne of InsideSoCal gives her take…

I still believe, based on recent conversations I’ve had with people who haven’t taken the vow of radio silence some of the principals in the negotiations have, that Odom will be back with L.A.

The Miami gambit is merely his best leverage at getting the Lakers to sweeten their offer. But financially, he can still make the most with the Lakers.

Earlier today, I spoke with a league source who said Odom may be toying with the idea of signing with Miami and testing free agency again in three years. If he thinks he can get a new contract after that third year, for more money, the financial picture starts to match up better.

With the way the league’s finances are going though, and the fact Odom will be 32 in three years, I can’t see him getting a better offer later. Which makes that idea a huge gamble.

The only other reason I can see Odom bolting is if he’s emotionally disappointed by how the Lakers handled the process. If he’s hurt they didn’t give him what he asked for, and merely likes the public courting the Heat have done.

Meanwhile, the oddsmakers still see the Lakers as the favorites to win the 2010 NBA Championship, with or without Lamar Odom.

“Getting [forward Ron] Artest is better than losing Lamar,” said Jay Rood, director of the MGM/Mirage Race and Sports Book. The Lakers signed free agent Artest this month. “The core of that team still is what it is, and as long as you keep Kobe [Bryant] and [Coach] Phil [Jackson], nothing changes.”

At MGM/Mirage, the Lakers are an 8-5 favorite to win the NBA title, followed by the Boston Celtics, and recent addition Rasheed Wallace, at 3-1, and the Cleveland Cavaliers, with Shaquille O’Neal joining LeBron James, at nearly 4-1. The Orlando Magic are 13-2 and the San Antonio Spurs are 7-1.

“We didn’t change anything when they got Artest, and if they lose Odom it’ll just be a wash,” said Jay Kornegay…

Is it just me or are the Spurs pretty compelling at 7 to 1?

But back to Odom, whom I still believe will return to the Lakers. The Miami offer has been on the table for a while, and if he wanted to take it, I think he would have already pulled the trigger. Then again, if he’s trying to get the Lakers to sweeten their offer, and they’re standing pat (or worse), then he may very well bolt to Miami. His meeting with Wade and Riley certainly can’t hurt the Heat’s chances, as it shows that he’s seriously considering their offer.

Once you’ve moved past your favorite team, the basketball fan’s best interest is served in seeing the absolute from the squads that are left, playing into June. It’s why we don’t want to see Joe Johnson leave the Suns. It’s why we’re bummed that the Lakers had to give up George Lynch and Anthony Peeler in order to clear space to sign Shaquille O’Neal — because we want those role players working alongside the big fella.

It’s why we want the Magic to pass on matching Marcin Gortat’s offer sheet with the Dallas Mavericks. Sure, Gortat gives the Magic a chance to be the best they can be, but in replacement of Erick Dampier, Gortat really, really, really gives the Mavericks a chance to be as good as they can be. It’s why we want minutes for Tyrus Thomas, shots for Andrew Bogut, health for Yao Ming, and new owners in Memphis, Chicago, and Los Angeles.

I’ve never liked the Lakers, mainly because I’m not a fan of Kobe and his drama, so I’m rooting for the Heat to steal Odom away. I’d also like to see Miami be relevant again in the upper echelon in the East, and signing Odom to a mid-level deal would go a long way towards that end.

Ultimately, if Odom were going to bolt to Miami, I think he would have done so already. The fact that he continues to negotiate with the Lakers indicates that he probably would rather stay in L.A.

Yes, at least according to a Yahoo! Sports source.

Odom has not reached a final decision, the sources said, but there is growing belief he will ultimately return to the Heat unless the Lakers improve their current offer.

“It’s close, but it’s not done,” said one source.

Lakers officials and Odom’s representatives resumed talking after a weeklong standoff that began when Jerry Buss, the team’s owner, withdrew a four-year, $36 million offer that guaranteed $30 million. Sources close to Odom said that while the two sides have since talked, Buss is now offering less than the Lakers’ previous proposal.

I still don’t know how the Heat’s offer of five years and $34 million is better than the Lakers’ offer of four years and $36 million (which works out to around $32 million after state taxes). Surely, Odom would be able to make more than $2 million in the year after the Laker deal expired. But hey, I’m not an accountant.

Or maybe he’s ticked off that Buss is offering less and wants to go to an organization that has demonstrated that it really wants him. If Miami can get Odom at the mid-level, it will be a coup, though it will create something of a logjam at power forward since that’s the position the Heat want Michael Beasley to play.

If the Lakers let Odom slip away, they will be going backwards this summer. The Ron Artest signing is nice, but Artest does not offset the loss of Odom and Trevor Ariza. With the Spurs, Blazers and Mavericks nipping at their heels, things could get very interesting in the West.

Note: John Ireland of 710 Los Angeles has reported that the fourth year of the Laker deal is only partially guaranteed (for $3 million), so the best deal that the Lakers offered was for $27 million over three years plus a guaranteed $3 million in the fourth year. So, after state taxes, that’s worth about $27 million over three years. It now makes sense that Odom would consider taking the five-year deal from the Heat since that deal offers as much as $7 million more in guaranteed money, maybe more if the Lakers’ latest offer has been reduced.

I don’t know how dependable this is, but Black Sports Online apparently has sources “close to Lamar Odom” that say he’s going to re-sign.

Sources close to Lamar Odom have told BSO that Odom will resign with the Lakers.

Odom will sign a 4 year 40 million dollar contract to stay with the champs.

The change of heart came after Lamar reached out to Dr. Jerry Buss. The two of them spoke yesterday where they were able to reach an agreement.

*UPDATE*

Once again sources close to Lamar Odom are insisting a deal is done and is just waiting for Dr. Buss to sign off on it.

The big question is…is WhiteSportsOnline.com taken?

I’m here all week. Try the veal.

The Lakers need to re-sign Odom in order to avoid taking a step back this summer. The Ron Artest acquisition should be great, but adding Artest would not offset losing both Trevor Ariza and Lamar Odom. With the Odom signing, the Lakers would be the clear favorite to repeat next season. Without him, I’m not so sure…

Yesterday, when we learned that Lamar Odom called Lakers owner Jerry Buss to try to smooth things over, it seemed (fairly) inevitable that the two sides would come to some sort of understanding and Odom would return to the Lakers. But a day later, it looks like there is a real chance that he may end up signing with the Miami Heat.

Amid a growing sense around the league that the Miami Heat have a real shot at stealing Lamar Odom away from the Los Angeles Lakers, Odom is expected to take the weekend to ponder his next move.

Sources with knowledge of Odom’s thinking told ESPN.com that he has not abandoned hope of resuscitating serious negotiations with L.A. after Lakers owner Jerry Buss angrily pulled a three-year, $27 million offer off the table earlier this week.

According to a broadcast report Friday night from longtime L.A. television anchor Jim Hill, Odom called Buss directly on Thursday in an attempt to reignite talks.

The Heat, meanwhile, have made it clear that they are prepared to offer the richest contract they can in an attempt to convince Odom to stop haggling with the Lakers, with the Dallas Mavericks also eager to offer the same fallback option.

Heat star Dwyane Wade made a public plea Friday for Odom to return to the franchise that sent him to the Lakers in the Shaquille O’Neal deal in the summer of 2004, announcing that “we want him back home.”

According to sources close to the process, Odom has been apprised that he can sign a five-year Heat deal consuming all of the team’s mid-level exception, which would be worth $34 million and include the option to return to free agency after three years and negotiate a larger contract with Miami.

Read the rest of Marc Stein’s column (which he’s been updating throughout this process) here.

I think this all comes down to Jerry Buss’s mood. Odom wouldn’t have called him if he didn’t want to take the Lakers’ offer. But Buss pulled the offer after negotiations fell apart, and it’s not clear how willing he is to open talks again.

Ultimately, cooler heads are likely to prevail. With Richard Jefferson landing in San Antonio, Shawn Marion headed to Dallas, and Portland sitting on a load of cap space, the Lakers’ Western Conference foes are getting better, and even though they signed Ron Artest, they know they can’t afford to lose both Trevor Ariza and Lamar Odom this summer.

Or maybe they can. Like I said, this all depends on Jerry Buss. He made Odom an offer that was well above his market value and Odom’s camp tried to put the squeeze on him.

Hell hath no fury like an owner scorned.

I am told the purpose of the call was to rebuild any bridges that Odom’s agent, Jeff Schwartz may have burned by not responding to the Lakers offer of 3-years $30 million, and 4-years for $36 million.

If the Lakers do have (or had) these offers on the table, I don’t know why Odom hasn’t already re-signed. The most the Heat (or any team without cap space) can offer is a five-year deal worth around $34 million. So it makes sense that he’d be calling up Buss trying to convince him to make these offers available again. The market for Odom is not that strong, so he simply doesn’t have the leverage to demand a contract in the $11 million-plus range.

What’s not clear is if Buss is wiling to let bygones be bygones and sign Odom. He’s a character, for sure, but in the end I think GM Mitch Kupchak will convince him to sign Odom to one of these deals.