If it was all about markets, the football Giants, Jets, Rams (when in LA), White Sox, Cubs, Bears, would all be contenders.
Even the Bulls were only real contenders when they lucked into Michael Jordan.
You cannot overcome bad management, and that is what the Lakers now have. They will not get free agents until Kobe is gone, and then they will not get free agents until they show there is some promise. Kobe is going to bleed that franchise dry. The Lakers no longer have Dr. Buss or Jerry West.
Dwight Howard and Pau Gasol got out of town. LeBron, Melo, Bosh, etc all turned them down flat. They have gone through coach after coach. No matter what the market is, that team is not going anywhere soon.
Great franchises fall, no matter what the city.