This season saw the Lakers acquire Wilt Chamberlain from the Philadelphia 76ers in a trade that sent Jerry Chambers, Archie Clark, and Darrall Imhoff to the 76ers.
The team also lost future star Gail Goodrich to the Phoenix Suns via expansion draft.
The Lakers would make it to the NBA Finals, but would lose to the Boston Celtics in seven games despite being the heavy favorites.
This marked the Lakers' seventh consecutive defeat to the Celtics in the NBA Finals.
To date he is the only player in NBA history to win the award as a member of the losing team.