Led by LeBron James, the current squad were expected to win their division and challenge for the 2022 NBA title, having won the championship in 2020.
However, they lost 49 of their 82 games and failed to make the play-offs.
Johnson told BBC Sport the Lakers' final league position was unacceptable.
"We're very disappointed here in Los Angeles. All Laker fans around the world are disappointed," said Johnson, who won five NBA titles at the Lakers in the 1980s.
"This is the worst season we probably ever had in Laker history.
"When you have four Hall of Famers, Carmelo Anthony, LeBron James, Anthony Davis and Russell Westbrook [there] is no way you should miss the play-offs. So it's a disappointing season."
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