The air inside Gainbridge Fieldhouse was electric. The Indiana Pacers were minutes away from taking full control of the NBA Finals, holding a solid lead deep into the fourth quarter of Game 4. Fans stood in anticipation, sensing their team could move within one win of capturing the first championship in franchise history. But when the final horn sounded, it was heartbreak that filled the building.

The Oklahoma City Thunder stormed back with a late surge to steal a 111-104 victory, leaving the series tied at two games apiece and the Pacers searching for answers.

After the game, head coach Rick Carlisle addressed the collapse with his usual honesty. He pointed to the area that cost Indiana the game in those final critical minutes.

“We got stagnant, their second shots were a big problem,” Carlise said post-game. “When you are unable to rebound, it is hard to continue with the pace and tempo. But give them credit, they kept attacking, attacking, and their defense was great down the stretch.”

Carlisle’s frustration was easy to understand. The Pacers had controlled much of the contest. Through the first three quarters, Indiana’s offense hummed with the balance and tempo that have carried them throughout the postseason. Tyrese Haliburton orchestrated the attack with his usual poise, while Obi Toppin and Pascal Siakam provided timely scoring bursts. The Pacers entered the fourth quarter up seven and looked poised to seize the moment. But the final twelve minutes turned into a nightmare.

The Thunder, facing enormous pressure after losing two straight, refused to fold. Led by Shai Gilgeous-Alexander, Oklahoma City launched a furious comeback that flipped the entire tone of the series. The 2024-2025 MVP scored 15 of his game-high 35 points in the final frame, delivering clutch basket after clutch basket as Indiana’s offense unraveled. With every big shot from SGA, the Pacers grew tighter. Their ball movement slowed, their confidence wavered, and their shot selection grew more desperate.

Carlisle was quick to credit Oklahoma City’s defensive effort down the stretch. The Thunder applied full-court pressure, fought through screens, and closed driving lanes that Indiana had exploited earlier in the game. The Pacers missed open looks they had previously buried. Haliburton, who finished with 18 points and 7 assists, struggled from deep, missing six three-point attempts on the night. Siakam added 20, while Toppin chipped in 17, but none could stop the late-game slide as Oklahoma City locked down defensively when it mattered most.

The collapse, though, was not just about missed shots. Carlisle’s reference to rebounding painted the full picture. The Thunder owned the glass in the fourth quarter, outrebounding the Pacers, 12 to four. The Pacers could not control the boards when it mattered most, and the inability to secure defensive rebounds robbed them of the chance to build momentum or stop the bleeding.

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Jalen Williams played a key role in the comeback as well, scoring 27 points while contributing 7 rebounds. Alex Caruso delivered one of his strongest games of the postseason, finishing with 20 points and 5 steals off the bench. Their timely plays helped Oklahoma City keep pace before Gilgeous-Alexander delivered the knockout blows in the closing minutes.

The loss was painful not only because of the squandered lead but because of what was at stake. The Pacers entered Game 4 with a golden opportunity to seize a 3-1 lead in the series. Historically, teams that take that kind of advantage in the NBA Finals go on to win the championship nearly every time. Instead, the Pacers now head to Oklahoma City with the series tied and the home-court advantage swinging back to the Thunder.

The road ahead will test Indiana’s resilience. They must regroup mentally and physically before Game 5. Their strength throughout these playoffs has been their depth and composure, but now they face their biggest challenge yet. Carlisle must find a way to reignite his team’s ball movement, secure the glass, and find answers for Oklahoma City’s defensive pressure late in games.

The rebounding battle will remain a key focus. When Indiana has controlled the boards, their fast break and offensive tempo have flourished. When they have lost that battle, as they did in the fourth quarter of Game 4, their entire offense has stalled. Carlisle knows that if his team cannot win the rebounding margin, they will continue to struggle late in games.

On the other side, Oklahoma City carries a wave of confidence back to their home floor. The Thunder have now proven they can win a Finals game on the road and have shown the poise of a much more experienced team. With Gilgeous-Alexander leading the charge, Williams stepping up, Caruso providing energy, and Chet Holmgren anchoring the defense, the Thunder suddenly look like a team ready to seize control.

Game 5 looms as the pivotal moment of the series. Indiana can take back control and remind the Thunder that this is still their fight to win,  or Oklahoma City can ride the momentum of this comeback victory and place the Pacers on the brink. The stakes could not be higher, and every possession, rebound, and defensive stop will carry even greater weight.

Carlisle’s postgame words captured the brutal honesty of playoff basketball. His team let one slip away. But as the series shifts, the Pacers still have the chance to respond. Their ability to learn from this collapse may ultimately define whether their season ends in triumph or heartbreak.