Displays settings to reduce input lag?

I do most gaming on my TV with a 360 controller. I'm a grad student so I went with something cheap I picked up for £150 (2 months old). I've managed to get an OK picture from it but I'm wondering if I can do anything in the settings to reduce input lag. The TV is an LG 42" LED 42LB5500.

 

I don't really know of anything other than turning vsync off.

 

That is a GPU setting. I'm wondering what does the sports/gaming mode on TVs change. I spend a while to get my picture looking decent so don't won't to leave expert mode.

 

I thought that was just related to the contrast, brightness, and colour calibration.

 

If there is a function on the TV to reduce input lag it will generally be activated by "game mode" or similar. It basically cuts down on picture pre-processing thus reducing lag.

You should be able to just toggle between expert and games modes to see if it's any better/worth doing.