Both players are now restricted free agents, allowing the Lakers to match any offers made to them in free agency.
Caruso, who went undrafted in 2016, joined the Lakers ahead of the 2017 season on a two-way contract after a year with the Oklahoma City Thunder's G League affiliate. He's coming off his second NBA season, in which the 25-year-old point guard averaged 9.2 points, 3.1 assists, and 2.7 rebounds.
Williams, 24, was on a two-way deal with Los Angeles this past season after going undrafted in 2018. He averaged 6.5 points and 4.1 rebounds over 24 games in his rookie campaign.