Hoops Rumors is checking in on the 2024 offseason for all 30 NBA teams, recapping the summer’s free agent signings, trades, draft picks, departures, and more. We’ll take a look at each team’s offseason moves and consider what might still be coming before the regular season begins. Today, we’re focusing on the Indiana Pacers.
Free agent signings
Pascal Siakam: Four years, maximum salary ($188,950,272). Re-signed using Bird rights.- Obi Toppin: Four years, $58,000,000. Includes $2MM in unlikely incentives. Re-signed using Bird rights.
- James Wiseman: Two years, minimum salary ($4,784,366). First year partially guaranteed ($500,000). Second-year team option. Signed using minimum salary exception.
- James Johnson: One year, minimum salary. Partially guaranteed ($750,000). Re-signed using minimum salary exception.
- Cole Swider: One year, minimum salary. Non-guaranteed. Signed using minimum salary exception.
- Kyle Mangas: One year, minimum salary. Non-guaranteed (Exhibit 10). Signed using minimum salary exception.
- Cameron McGriff: One year, minimum salary. Non-guaranteed (Exhibit 10). Signed using minimum salary exception.
Trades
- Acquired the draft rights to Johnny Furphy (No. 35 pick) from the Spurs in exchange for the draft rights to Juan Nunez (No. 36 pick) and cash.
Draft picks
- 2-35: Johnny Furphy
- Signed to four-year, $8,589,485 contract. First three years fully guaranteed. Fourth-year team option.
- 2-49: Tristen Newton
- Signed to two-way contract.
- 2-50: Enrique Freeman
- Signed to two-way contract.
Two-way signings
Departed/unsigned free agents
Other moves
- Signed Andrew Nembhard to a three-year, $58,650,480 veteran extension that begins in 2025/26. The first year of the extension replaces Nembhard’s $2,187,699 team option for ’25/26.
Salary cap situation
- Operating over the cap ($140.6MM) and below the luxury tax line ($170.8MM).
- Carrying approximately $170.4MM in salary.
- Hard-capped at $188,931,000.
- Full mid-level, bi-annual exceptions available.
The offseason so far
The Pacers finished with a solid but not spectacular 47-35 record last season and would have had to go through the play-in tournament to secure a playoff berth if not for a favorable tiebreaker that gave them the sixth seed in the Eastern Conference. Heading into the 2024/25 season, there are at least five teams (Boston, New York, Philadelphia, Milwaukee, and Cleveland) widely believed to be ahead of Indiana in the East, and maybe one or two more, depending on how you feel about the Magic and Heat.
Still, this club is coming off an appearance in the Eastern Conference Finals, even without All-Star guard Tyrese Haliburton operating at full health. Of course, Haliburton was still able to suit up and play for most of the postseason, which is more than can be said for a few notable opposing players during the first two rounds, including Giannis Antetokounmpo and Julius Randle. But the Pacers beat the teams in front of them in each of those two rounds and showed themselves to be a growing threat in the East.
The Pacers operated this offseason as if they’re confident last season’s results weren’t a mirage, investing heavily to bring back starting power forward Pascal Siakam (four years, maximum salary) and key reserve Obi Toppin (four years, $58MM, plus incentives).
As a result, Indiana’s team salary is hovering right around the luxury tax line, a threshold the small-market franchise rarely crosses. Barring another mid-season splash similar to last year’s Siakam acquisition, the Pacers should be able to remain out of the tax for at least this season, but with a couple rotation players due for raises next season, that may not be the case for much longer, assuming the club wants to continue pushing toward title contention.
Outside of their significant long-term investments in Siakam and Toppin, the Pacers’ front office mostly shopped in the bargain bin this summer. That included taking a flier on former No. 2 overall pick James Wiseman, who signed a partially guaranteed minimum-salary contract covering the next two seasons. With Jalen Smith departing in free agency, Isaiah Jackson will likely get the first shot to be Myles Turner‘s primary backup at the five, but Wiseman should have the opportunity to show he deserves minutes in that role.
The Pacers didn’t have a first-round pick in 2024 as a result of last season’s Siakam trade, but they had three second-rounders in the 35-50 range. Two of those players, Tristen Newton and Enrique Freeman, will start their professional careers on two-way deals, while No. 35 pick Johnny Furphy has a spot on the 15-man roster.
A projected first-round pick who slipped to day two, Furphy is one of just two second-rounders in this year’s class to receive three fully guaranteed years on his first NBA contract, signaling that the Pacers are high on him. Indiana has a good recent track record of finding gems near the end of the first round (Ben Sheppard) or the start of the second round (Andrew Nembhard) — we’ll see if Furphy can join that group.
Speaking of Nembhard, he signed a new three-year extension that replaces his minimum-salary team option for 2025/26 and tacks on two new years beyond that. The $58.7MM the Pacers gave him is the most they could have offered on a veteran extension for those three years.
The 24-year-old has emerged as a reliable rotation piece and played some of the best basketball of his career in the Eastern Finals with Haliburton sidelined. Still, it was a little surprising to see the terms of his new deal, as it would’ve made more sense for the Pacers to begin Nembhard’s extension after his ’25/26 team option in order to keep him on that bargain contract for one additional season.
On the other hand, it’s possible Nembhard wouldn’t have agreed to that structure, and while Indiana could have waited a year to sign him to the same extension, the team likely didn’t want to risk making the mistake Dallas did with Jalen Brunson. The Pacers guard may not have Brunson’s upside, but if Haliburton misses extended time at any point in the next season or two, Nembhard could thrive in a larger role and significantly increase his value. Locking him up sooner rather than later allows the Pacers to avoid a scenario in which his price tag soars by 2026.
Up next
After extending Nembhard, the Pacers will have to weigh whether or not to reward another important part of their backcourt rotation with a new deal — T.J. McConnell is extension-eligible as he enters a contract year.
McConnell will turn 33 during the upcoming season and may not be part of the long-term plan in Indiana, but he has posted very strong numbers (9.4 PPG, 5.4 APG, .550/.427/.823 shooting) in a reserve role over the past two seasons. He began last season out of the rotation, but ultimately proved so invaluable off the bench that he ended up earning Sixth Man of the Year votes in the spring.
I expect Indiana to make a strong effort to lock up McConnell for another year or two beyond 2024/25 as long as the price is in the neighborhood of his current $9.3MM salary. Mike Conley‘s two-year, $20.75MM contract with Minnesota could serve as a useful point of comparison in negotiations — Conley is a starter for the Wolves, but he’s also nearly five years older than McConnell.
The Pacers’ top two centers – Turner and Jackson – are also entering contract years, but Turner, who signed his last contract midway through the 2022/23 season, won’t be extension-eligible this season, so Indiana can’t get anything done with him before he reaches unrestricted free agency.
Jackson is extension-eligible until October 21 and may be in line for an increased role in his fourth year, but he averaged a career-low 13.1 MPG last season. I’d be surprised if the cap-conscious Pacers aggressively pursue a long-term deal for him this fall.
Indiana will have some questions at the back of their roster to answer before the regular season begins. The team is currently carrying just 12 players on fully guaranteed salaries, with Wiseman and James Johnson on partially guaranteed deals and Kendall Brown and Cole Swider on non-guaranteed contracts.
Those partial guarantees probably give Wiseman and Johnson the inside track for spots on the roster. The Pacers certainly aren’t obligated to carry a full 15-man squad entering opening night, but if they do, Brown may have to hold off camp invitee Swider for the final spot.