When the franchise acquired Ramon Sessions last season from the Cleveland Cavaliers, the Cavs gained the right to swap first-round picks.
The likelihood of that transaction taking place is slim as the Lakers' pick is top-14 protected. The 4-17 Cavaliers would need to make the playoffs and finish with a better record than the Lakers for any exchange to be viable.
After the Cleveland obligation is sorted out, whichever pick the Lakers possess is then due to the Phoenix Suns for the Steve Nash trade.
[For the Record, 5:45 p.m. Dec. 11: The original post said if the Lakers do not make the playoffs, they will keep that protected pick. The pick is only protected in the trade with the Cavaliers, not in the trade with the Suns.