EL SEGUNDO, Calif. — It was a fun run for the Los Angeles Lakers, riding a wildly unexpected wave of momentum into the NBA’s version of the Final Four last season before ultimately falling to the Denver Nuggets.

With it, though, came the return of expectations after a brief hiatus for a franchise not accustomed to being left out of the championship conversation.

The Lakers are the fifth choice to win the championship this season, according to many oddsmakers. They don’t quite have the star power of Boston, Phoenix or Milwaukee, nor can they claim to be defending champion, an honor that belongs to Denver. But there’s undeniably the return of an important one-word concept crucial among NBA championship-contending circles: hope.

At the very least, as the Lakers open their season Tuesday in Denver, the aura around them is markedly different (read: vastly improved) from a year ago.

When the Lakers assembled for training camp last fall, the mood was uneasy as the team tried to figure out how to create a three-pronged star attack of Russell Westbrook, LeBron James and Anthony Davis. A few months later, general manager Rob Pelinka gave up on the premise and remade the team with a flurry of trades that shipped out Westbrook (and veteran Patrick Beverley) while importing an influx of young, eager talent.

The Lakers went on an inspiring run to end the regular season and carried it over into the playoffs, advancing past a brash Memphis team in the first round and beating the championship-tested Golden State Warriors in six games in the Western Conference semifinals.

Then the Lakers met the team that had exactly what they didn’t: years of continuity with a primarily draft-and-develop roster. The Lakers were done in by Denver, swept in four games that were closer than the overall series score would indicate but still meant their ouster.

Pelinka was admittedly impressed by the Nuggets. Their roster actually shaped how he would spend the off-season trying to re-sign and retain as many LA players as possible.

“Keeping that continuity is very important,” Pelinka said in June before alluding to Denver. “We ultimately got knocked out by a group that had that continuity.”

Pelinka was highly successful in his goals to keep the Lakers’ core together — and then some. It’s why so many are expecting so much from the team this season. Shooting guard Austin Reaves agreed to return to LA on a four-year, $54-million contract, an apparent bargain for the up-and-comer in a league where the average annual salary borders on $12.5 million.

Point guard D’Angelo Russell also re-signed (two years, $36 million), as did forward Rui Hachimura (three years, $51 million). Pelinka then added three more years to Davis’ existing contract that kept the 30-year-old under contract through 2027-28. Jarred Vanderbilt, a defensive-minded forward, also earned a four-year contract extension.

As an added bonus, Pelinka signed Miami Heat playoff hero Gabe Vincent to a seemingly equitable three-year, $39-million deal. Vincent, a part-time starter for Miami in its unexpected run to the NBA Finals last season, will be the first or second player off the Lakers’ bench.

Not yet done, Pelinka added veteran forwards Taurean Prince and Christian Wood, depth pieces that might sometimes appear in the starting lineup. The versatile Prince, in fact, will be a starter on opening night because Vanderbilt was sidelined most of the pre-season with a bruised heel.

“From the draft to free agency to the re-signings, to the extensions, it all poured in to what we wanted to be, starting from day one,” Pelinka said recently.

The extension for Davis was the largest financial investment by far. Davis remains one of the NBA’s best big men but has been undone by injuries almost every season since the Lakers won the 2020 championship in his first season with them.

After signing the three-year, $177-million extension in August — guaranteed money that doesn’t kick in until the 2025-26 season — Davis heard from national pundits how much his game needs to improve to justify the money being spent.

“I’m expecting Anthony Davis to be MVP in these next two years,” said former NBA player-turned-analyst Kevin Garnett. “It’s time. You can’t let [Nikola Jokic] come in the league and surpass [you]. Nah, nah, nah. Anthony Davis can do everything they can do. Anthony Davis can do everything [Jokic] can do. He can do everything [Joel] Embiid can do.”

Davis reported to training camp earlier this month looking leaner and showing more explosiveness, Lakers coach Darvin Ham said.

“There’s a huge road ahead of him in how he can lead this franchise and hopefully put some more [championship] banners up here,” Ham said. “As soon as he walks into the room, you can see it. You can notice it, too. I’m excited for the type of year he’s going to have.”

Davis aside, a central theme throughout the season will be managing James’ playing time and efficiency. He starts his 21st NBA season Tuesday in Denver and turns 39 in December.

The numbers James put up last season were mind-blowing for a player with so much mileage — 28.9 points, 8.3 rebounds and 6.8 assists per game. For his career, he has played a staggering 54,093 minutes in the regular season and another 11,654 in the playoffs.

The key to keeping James fresh — not to mention the oft-injured Davis, the only other 30-something on the roster — is the youth and versatility of the rest of the team.

“We can surround both [James] and A.D. with these players. That’s going to allow us to be more efficient with [James’] minutes,” Pelinka said. “We have to partner with him to help him get to the end because that’s the goal that he has.”

James is under contract for $47.6 million this season and $51.4 million next season before becoming a free agent. Nobody at his age ever put up stats like he did last season — not even close.

“It’s easy with him navigating these so-called challenges of the unknown because he takes such good care of himself and is constantly preparing himself,” Ham said. “Again, not just be available but be available at the highest [level]. We’ll just take it day by day and see where it goes.”

The last time we saw James in a meaningful game, he played all but four seconds on the way to 40 points, 10 rebounds and nine assists in Game 4 of the Western Finals.

How long can he keep producing like 25-year-old James?

“It’s all about my health,” James told ESPN. “And my mindset, if I’m able to keep my mind fresh. However, your mind is, everything else falls into place. So, keeping my mind fresh, keeping it in tune, keeping it intact for the marathon will allow my body to perform after that.”

As always, the Lakers’ goal is a championship trophy. It won’t be easy to add an 18th championship trophy to their collection. The competition is formidable.

Boston got stronger by adding defensive-minded guard Jrue Holiday and versatile big man Kristaps Porzingis. Milwaukee made the off-season’s biggest move by acquiring high-scoring guard Damian Lillard from Portland. Denver remains formidable despite a roster that is slightly weaker than last season. Golden State’s aging nucleus cannot be underestimated after adding 12-time All-Star Chris Paul. And is this the year the LA Clippers finally stay healthy and put together a decent run?

Adding a fifth championship to his name is more than enough motivation for James.

“Still seeing that Larry O’Brien Trophy in my mind on a daily basis,” James said, mentioning the specific name of the championship hardware. “We could be a really, really good team.”