Lakers sign Quincy Olivari to two-way contract, waive Colin Castleton and Grayson Murphy

Ahead of their regular season beginning, the Lakers have made a move, signing Quincy Olivari to a two-way contract and waiving Colin Castleton.

The Lakers are finalizing their regular season roster and have signed Quincy Olivari to a two-way deal.

With the franchise currently having all three two-way spots taken, they waived Colin Castleton to sign Olivari. The Lakers have also waived Grayson Murphy, who they signed on October 18. Shams Charania and Dave McMenamin of ESPN were the first to report the Olivari signing.

Olivari has quickly become a fan favorite with his standout performances during the preseason.

He was relentless in the Lakers' first preseason victory against the Milwaukee Bucks. Olivari was everywhere defensively and scored 11 points in nine minutes, part of Los Angeles' 20-0 run that resulted in JJ Redick's first win as a head coach.

In Friday's final preseason game versus the Golden State Warriors, Olivari played well, scoring 22 points on 50% shooting. He was overcome with emotion postgame when discussing meeting his childhood idol, Stephen Curry.

This signing is a feel-good story and Olivari's hard work and humbleness are easy to root for. Now, on a two-way contract, he'll be able to split his time between the main team and the South Bay Lakers.

The rookie is coming off a stellar final year at Xavier, during which he averaged 19.1 points per game and shot 40% from 3-point range.

Unfortunately, Olivari's good moment means Castleton will be waived.

He was on a two-way contract with the Lakers last season and played in 16 games for the purple and gold, averaging 1.5 points, 0.8 rebounds and 0.2 assists.

The center had a lackluster preseason, averaging just 2.4 points, 3.2 rebounds and 2.0 assists.

Despite the Lakers reportedly looking for a center to add to the roster, he didn't impress enough in training camp and preseason play to remain on his deal.

However, Castleton might still remain with the organization if he signs a contract with the team’s G League affiliate, the South Bay Lakers.

Regarding Murphy, his time on the Lakers training camp roster was brief. He will likely join the South Bay Lakers now that his time with the main team is over.

Murphy played with the Lakers in the Summer League and had a standout double-double against the Bulls in Las Vegas.

Last year, he played professionally in Germany with the Dresden Titans, averaging 13.8 points on 43.3% shooting from 3-point range.

You can follow Edwin on Twitter at @ECreates88.