If Shaquille O'Neal expects to have a contract extension in hand by opening night, he might be sorely disappointed. And it is possible he might not get an extension at all, at least not this season.

At least, that was the implication Tuesday afternoon, when Lakers general manager Mitch Kupchak addressed the issue.

"I would not make any assumptions," Kupchak said flatly.

O'Neal, signed through 2006, is eligible for a three-year extension worth up to $121.5 million and has indicated he wants it.

But the Lakers are hesitant about both the length of a possible deal and the price tag.

If O'Neal were given a maximum extension, he would be earning $44.6 million when he's 37 years old. For perspective, consider the team salary cap this season is $44 million.

Three years ago, the Lakers signed O'Neal to a three-year extension worth $88.4 million, the maximum allowable at the time. But he was 28 years old and coming off an MVP season. Since then, O'Neal has undergone two toe surgeries and his fitness has been a constant cause for concern.

Although O'Neal rededicated himself this summer -- hiring a personal trainer and losing at least 15 pounds -- the Lakers are taking a considerably more conservative approach this time, even if it means disappointing their franchise player.

"We're going to do what we think is best, for the organization and the players on this team," Kupchak said. "We're very aware of how players react when they don't get what they want, and that will be factored in."