Their regular season success has been overlooked to some extent due to the large jumps in the standings for Oklahoma City, Minnesota and Orlando in the 2023-24 season, but it's arguable that no other NBA team has so far exceeded preseason expectations from start to finish. Pacers.
After winning 25 games in 2021-22 and 35 games in 2022-23, Indiana is expected to take a more modest step forward in 2023-24, with oddsmakers predicting 38.5 wins, but is propelled by a high-flying offense led by its star point guard. Tyrese HalliburtonThe Pacers never finished below .500 all season, finishing with a 47-35 record and a top-six finish in the Eastern Conference playoffs. They defeated the third-place Bucks and second-place Knicks in the postseason, but lost to the eventual champions, the Boston Celtics, in the Eastern Conference Finals.
Indiana probably wouldn't have been one of the final four teams if they hadn't been blessed with injuries in the playoffs. Giannis Antetokounmpo, Damian Lillard, Julius Randle, OG Anunoby, Mitchell Robinsonand Bojan Bogdanovic Some of the opposing players missed most or all of Indiana's playoff series.
Still, the Pacers beat teams above them in the first two rounds and then faced the Celtics, but they weren't nearly as competitive as the team they lost in the sweep. They lost one game in overtime and two more by one point without Haliburton. They're unlikely to enter the 2024-25 season as a favorite to return to the Eastern Conference Finals, but they're a good team that doesn't seem to have reached its ceiling yet.
The Pacers may have to rely mainly on internal improvements and adjustments around the margin to get even better. Haliburton's All-NBA season means his max-salary rookie scale extension will start at 30% (instead of 25%) of the 2024/25 cap, and the club has already committed to similar max contracts for free-agent forwards. Pascal SiakamThose two contracts will take up a significant portion of Indiana's cap space over the next few years, but the team gave up a handful of first-round picks to acquire Siakam from Toronto in the first place.
But that doesn't mean the Pacers don't have avenues to upgrade. Two of the three first-round picks they traded away to acquire Siakam were 2024 picks, so they still have future draft assets to offer in trade negotiations. Max contracts are expected to be worked out for Haliburton and Siakam, but the team won't face the luxury tax line just yet. There's room to move around here, despite the continued development of a young player like Haliburton. Benedict Mathurin, Jaraeth Walkerand Ben Shepherd It gives hope for growth from within.
Pacers offseason plans
As mentioned above, the Pacers have already checked off the top item on their summer to-do list: They were the first team to take advantage of the NBA's new rule that allows clubs to negotiate with their free agents starting the day after the NBA Finals, quickly agreeing to a four-year, max-salary deal with Siakam.
A few caveats to keep in mind here. First, the deal can't be made official until July 6, so while it's technically possible for the deal to fall apart before then, it's highly unlikely. Siakam seems to be thoroughly enjoying his time with his new team, and the Pacers acquired him knowing they'd likely have to pay him the maximum bonus to keep him beyond 2023/24. During his half-season in Indiana, Siakam led the team in scoring and rebounding in both the regular season and playoffs, and did nothing to make the team back off of their offer.
Second, while Siakam's new deal is reportedly for up to four years, the specific details of the deal won't be known until it's officially announced. Is all four seasons fully guaranteed? Is his base salary technically just below the maximum, but with incentives to raise it to the maximum? Is there an option for the fourth year?
The answers to those questions will go a long way in determining how much risk there is in the latter stages of the deal (Siakam will be 34 when it expires), but either way, it's a deal the Pacers had to make. Indiana is not a free agent destination, so if the team finds itself in a position to lock down the two-time All-NBA forward in the near future, it should take advantage of the opportunity.
With Siakam in the mix, the Pacers have nearly all of their rotation players under contract through the 2024/25 season, with a few exceptions. Obi Toppin He is eligible for restricted free agency this summer, but the backup big man Jalen Smith He holds a $5.4 million player option that he could decline. Among players who finished the season, Toppin and Smith were seventh and ninth, respectively, in minutes played per game.
Siakam's new contract TJ McConnellOn top of the full salaries of Toppin and Smith (which are partially guaranteed for now), the Pacers are already owed about $149.4 million to 10 players. That doesn't include new contracts for Toppin and Smith. Ownership will want to stay below the projected luxury tax line of $171.3 million if possible, meaning it may be tough to retain both Toppin and Smith and replace the rest of the roster.
On the surface, Toppin seems like the logical choice as the keeper if the Pacers had to choose between the two. The former top draft pick thrived in the team's fast-paced offense and was an efficient scorer, rebounder and shooter off the bench, shooting .403 points from three-point range, the best of his career. He was a key part of the postseason rotation, while Smith was used sparingly in the playoffs.
But the math isn't necessarily that simple. Toppin's qualifying offer is worth about $7.7 million, but there could be teams willing to make a deal closer to the midpoint ($12.9 million) or even a little higher. Matching that offer could force the Pacers over the tax cap. Plus, if Smith ultimately decides he's better off exercising his player option rather than trying the open market, the Pacers could lock in a $5.4 million cap hit without the club having any say in the matter. That would make it harder to re-sign Toppin and avoid the tax.
Of course, it's worth emphasizing that there's no rule preventing the Pacers from making the deal. both Get the players to sign new contracts. The owners might be willing to pay a small tax on a player who made it to the Eastern Conference Finals. If Toppin's price is lower than expected, they might be able to get both players and a couple others under the tax line. Trades to reduce salaries for other players are also an option.
Another factor that could help the Pacers get through the tax line and the apron is that the team holds 2024 second-round picks at No. 36, 49 and 50. I don't necessarily expect Indiana to use all three picks on players who sign standard contracts right away, but it could make financial sense to add one or two to the 15-man roster. A minimum-salaried free agent would be worth about $2.09 million for cap and tax purposes, while the second-round picks would likely be worth only $1.16 million.
Having a little extra money to spare on a few roster spots could end up helping, and Indiana's scouting department showed they can find immediate contributors lower down the draft board, selecting Shepard 26th overall in last year's draft (Shepard averaged 19.7 MPG and made two starts during the playoffs).
The Pacers also must decide on contract extensions in 2024-25 with two players who are likely more valuable than ever due to the team's long run of playoff runs.
Myles Turner He was considered a trade candidate for years and appeared out of touch in Indiana when the club signed him for 2022. Deandre Ayton Turner signed a maximum offer sheet and McConnell began the 2023-24 season outside of the rotation, but both players were key contributors to the Pacers' success in 2023-24, with Turner starting 17 playoff games and averaging 17.0 points on .517/.453/.760 shooting while McConnell came off the bench and averaging 11.8 points and 5.1 assists in 17 games.
Turner won't be eligible for a contract extension until mid-season, but McConnell could sign a new deal starting in July.
It will be interesting to see how much Turner is valued at. While he is not considered a star player, he is a rare center who can protect the rim well and shoot three-pointers. He is due to make $19.9 million in 2024/25, the final year of his current contract, and we can assume he will ask for a raise in his next contract. His camp will be keeping a close eye on any upcoming transfer fees. Nick Claxton If Claxton becomes a free agent, Turner's agent could fetch even more for his client by arguing that he is just as skilled defensively as Claxton and more versatile offensively.
At 32, McConnell is four years older than Turner, has a smaller role and is making $9.3 million in 2024/25. His next contract isn't as lucrative as his teammate's, but there's no reason to expect a pay cut. The prickly 6'1″ guard is coming off arguably the best two years of his career, averaging 9.4 points, 5.4 assists and 2.9 rebounds while shooting .550/.427/.823 since the start of the 2022/23 season. Rick Carlisle He is a favorite and has shown how useful he can be to a winning team.
If the Pacers aren't happy with how their initial extension talks with McConnell go, they can afford to be patient. McConnell is eligible for an extension for the entire 2024-25 league year, which runs through June 30, so he has plenty of time to get something done. Turner's time is a little shorter, as he's only eligible until Jan. 30.
It's worth noting that Indiana made the trade. Buddy Hield He was in the final year of his contract when it became clear a few months ago that he and the team would not come to terms on a contract extension. It's unlikely the Pacers would want to move Turner or McConnell, but it's a possibility worth keeping an eye on if one or both players don't get a deal done by the trade deadline in February.
Salary Cap Situation
Guaranteed salary
Tyrese Halliburton ($42,300,000)
- Haliburton's cap hit is a provisional figure based on 30% of the projected $141 million cap.
- Myles Turner ($19,928,500)
- Aaron Nesmith ($11,000,000)
- Benedict Mathurin ($7,245,720)
- Jaraeth Walker ($6,362,520)
- TJ McConnell ($5 million)
- Partially guaranteed. Remaining salary listed below.
- Isaiah Jackson ($4,435,381)
- Ben Shepherd ($2,663,880)
- Andrew Nembard ($2,019,699)
- Total: $100,955,700
Non-guaranteed salary
- TJ McConnell ($4.3 million)
- Partially guaranteed. Remaining salary as stated above. If McConnell's contract runs through June 28, his salary will be guaranteed.
- Kendall Brown ($2,120,693)
- Total: $6,420,693
Death/Withholding Salary
Player Options
Team Options
Restricted Free Agents
- Obi Toppin ($7,744,600 qualifying offer / $20,409,036 cap hold): Bird Rights
- Total (Maximum): $20,409,036
Two-way free agency
Draft picks
- 36th overall pick (no cap hold)
- 49th overall pick (no cap hold)
- 50th overall pick (no cap hold)
Players eligible for contract extension
- Isaiah Jackson (Newcomer scale)
- TJ McConnell (veteran)
- Doug McDermott (veteran)
- It can be extended until June 30th.
- Andrew Nembard (veteran)
- Pascal Siakam (veteran)
- It can be extended until June 30th.
- Jalen Smith (veteran)
- Player options must be exercised.
Note: Unless otherwise noted, these players will be eligible for extensions starting in July.
Unrestricted Free Agent
Other Cap Holds
- Gabe York (Maximum amount is $1,867,722)
- Total (Maximum): $1,867,722
NOTES: York's cap hold is on the Pacers' books from last season because he wasn't waived. He can't be used in a sign-and-trade deal.
Cap exceptions apply
NOTE: The Pacers plan to operate within the cap and first tax bracket. If they approach or exceed the first tax bracket, they will no longer be able to utilize the full mid-level exception and semi-annual exception, but will instead be able to utilize the taxpayer mid-level exception ($5,183,000).
- Non-Taxpayer Mid-Level Exception: $12,859,000
- Semi-annual exceptions: $4,681,000
- Trade Exceptions: $159,471
NOTE: Unless otherwise stated, trade exceptions do not expire until the start of the regular season.
