They'd still be over the cap though. Can't sign a player over the cap. You amnestied Pau, who else do you have to trade? In this fantasy scenario you're already getting rid of Bynum so you're only other tradeable asset is Kobe or a bunch of 27th overall or later draft picks.
I didn't know about the deal with Time Warner. I doubt the Lakers would want to keep paying a bunch of money in luxury tax. They'd burn through that billion dollar deal in probably four/five years tops.
