When the 2023-24 NBA season began, the Indiana Pacers were perceived as a younger team that wasn't necessarily going through a rebuild but a retooling process. In fact, this was the message that team president Kevin Pritchard shared with everyone in 2022 when he stated, “This is not a rebuild. We have too many good players on this team right now.” This was the message that came just two days after the franchise sent All-Star big man Domantas Sabonis to the Sacramento Kings in exchange for Tyrese Haliburton, a recent first-round pick who had the potential to become a lead guard in this league.
Little did everyone know that this would be a trade that drastically changed the trajectory of the Pacers for the better.
Haliburton has been named an All-Star in back-to-back seasons, and he earned All-NBA Third Team honors for the first time in his career. Building around the young playmaker instantly became Pritchard and Indiana's focus, as dynamic role players such as TJ McConnell, Obi Toppin, Aaron Nesmith, and second-year wing Bennedict Mathurin highlighted the Pacers' roster entering the season.
Coming off a 35-47 record during the 2022-23 season, nobody really imagined the Pacers being a true threat in the East. While there was certainly potential for growth, this team was severely overlooked when the new year began. That did not matter to Rick Carlisle's squad, as they knew what they were capable of achieving. At no point did the Pacers dip below a .500 record during the regular season, and their success was put into the spotlight of the mainstream media when Haliburton was suddenly the leader of the league's best offense.
Before anyone could think twice about the success this organization was finding, the Pacers found themselves heading to Las Vegas for the first-ever NBA In-Season Tournament semifinals and championship game. Even though they came up just short of winning the NBA Cup, the story suddenly shifted to Haliburton being a rising superstar that others around the league would want to play with. If anything, Haliburton let it be known in the middle of the season that he wanted to play alongside another star.
“I'm gonna get you shots,” Haliburton told ESPN's Adrian Wojnarowski during the In-Season Tournament in December. “I'm gonna make life easy for you, and we are going to win.”
Well, Haliburton's comments certainly drew the attention of the league, as Pascal Siakam emerged as the All-Star who wanted to join the Pacers to team up with the talented guard. The Pacers acquired Siakam ahead of the trade deadline from the Toronto Raptors for a package that included Bruce Brown, Kira Lewis Jr., Jordan Nwora, two first-round picks in 2024, and a conditional first-round pick in 2026. Indiana went 23-18 in their 41 games with Siakam to finish the regular season, resulting in them grabbing the 6-seed and avoiding the play-in tournament in the Eastern Conference.
This season hasn't been a surprise for the Pacers. It was anticipated.
Pritchard and this front office truly believed in Haliburton to become the face of the franchise, which is why they made the moves they did to surround him with athletic two-way talent. It is also the reason why they invested a lot of future assets into the trade to acquire Siakam from Toronto.
An appearance in the In-Season Tournament championship game was backed up by the organization's first appearance in the Eastern Conference Finals since 2014, when Paul George was leading the charge. Despite being swept by the Boston Celtics, the Pacers have grown tenfold this season, both from individual and team perspectives.
Now, the questions shift from how the Pacers find success to how will the franchise look to sustain long-term success. After proving that they can be true contenders in the East, the Pacers enter the offseason once again looking to build a championship-worthy roster around Haliburton.
This starts with Siakam's contract situation.
Pascal Siakam's upcoming max contract
When the Pacers acquired Siakam this season, they knew the risk associated with acquiring him. Siakam is a proven All-Star on the court, and there is no reason to worry about his skills, but Indiana sacrificed a lot for a player in the final year of his contract. After making over $37 million this past season and proving to be a top-five power forward in this league, the 30-year-old is going to be seeking a max contract in the summer.
This summer, Siakam will be eligible to sign a five-year contract with the Pacers that could exceed $240 million in total. Any other team will only be able to offer him a four-year deal near $180 million. With the way the league's salary projections are skyrocketing, there is no way any player signing a long-term contract this season will opt to take less money.
“All I can say is that… yeah, it's been a blessing. I'm really appreciative of everything,” Siakam said in his postgame remarks on Monday. “Coming from where I come from, it means a lot. The support that I've received here is something that I was kind of missing. Having all that and seeing how the city just breathes basketball and how much support they give to the team, just being here, the home games, it's incredible.”
Siakam is a loyal player. He always was in Toronto, and he has given the Pacers no reason to believe he is considering another team at this time. Anything can happen in free agency, but all signs point in the direction of Siakam putting pen to paper on a new deal to remain in Indiana. This appears to be the case with the team as well, with The Athletic's Shams Charania reporting on Tuesday that the Pacers are prepared to offer Siakam a max contract.
“Their biggest priority is bringing back Pascal Siakam,” Charania stated on FanDuel's Run It Back. “The Pacers gave up three first-round draft picks to go get him. They didn't just trade those picks to potentially just have a crack at keeping him. They understand it's a max-level contract commitment that you're going to have with Pascal Siakam.
“That's what they are preparing to offer him this summer, and he wants to be there.”
Assuming this deal gets done fairly quickly once the negotiation window opens, Siakam would join Haliburton as a max-level contract player on the Pacers' roster. Haliburton signed a five-year, $245 million extension with the team last summer.
Siakam has been great in a Pacers uniform. With a full offseason to work alongside Haliburton, as well as the rest of the roster, Siakam will be an even better leader and primary scoring option for a team that was four wins shy of getting to the NBA Finals.
Obi Toppin, TJ McConnell contract situations
Aside from Siakam's contract situation, the Pacers are going to need to evaluate their standing with Obi Toppin and TJ McConnell, two very important secondary assets next to Haliburton and Siakam.
McConnell has been with the Pacers since the start of the 2019-20 season, and he has evolved into one of the leading voices in their locker room. Despite not being a starter, McConnell has fully embraced his role as a veteran presence and leader of the second unit behind Haliburton in the backcourt.
The 2023-24 season ended up being the best of McConnell's career, as he averaged a career-high 10.2 points, 5.5 assists, and 1.0 steals per game while shooting 55.6 percent from the floor and 40.9 percent from three-point range. He backed up his impressive play with some huge performances in the postseason. McConnell recorded double-digit scoring numbers in 10 of the Pacers' 17 playoff games, and he recorded at least seven assists in five different games during Indiana's playoff run. The fact of the matter is that the Pacers wouldn't have been in a position to reach the In-Season Tournament Finals or Eastern Conference Finals without him.
Although there have been teams that have contacted the Pacers about McConnell's availability over the last year, Indiana is not prepared to let him go. Then again, his recent playoff performances have only driven up his price for a possible extension.
Toppin doesn't have the luxury of seeking an extension from the Pacers this offseason since he is a free agent. After seeing his rookie deal come to an end, Toppin is set to be a restricted free agent. Indiana will likely offer him a $7.7 million qualifying offer ahead of free agency, allowing them to match any offer sheets the high-flying forward may sign.
A max deal for Siakam would make the Pacers' financial situation tight, leaving little room for them to be able to re-sign Toppin. Doing so would undoubtedly push them over the tax line, an area that the Pacers are unfamiliar with. At the end of the day, spending money is what it takes to win in the NBA. A player of Toppin's talents can be replaced, but his demeanor and energy are not so easily replaced.
Pacers' internal reinforcements
With very little room to work with financially after a max contract is given to Siakam, the Pacers will need to turn to their current roster in order to find improvements and reinforcements. The biggest hole the Pacers had on their roster throughout the playoffs was an immediate scoring presence off the bench. McConnell and Toppin did an excellent job of stepping up in big moments, but neither player is known for being an instant source of scoring production.
That is why the Pacers so dearly missed Bennedict Mathurin during the second half of the season and into the playoffs. Mathurin suffered a torn labrum in his right shoulder and underwent season-ending surgery. The second-year wing was having yet another great season, primarily coming off the bench, as he averaged 14.5 points and 4.0 rebounds per game while shooting 37.4 percent from three-point range in 59 regular-season games.
Even though others did their best to replicate Mathurin's scoring production, just his athleticism alone and ability to run in transition make the Pacers a much better team than they were en route to the Eastern Conference Finals. If Mathurin was healthy and on the court, there is reason to believe that Indiana could've given Boston a run for their money. After all, the Pacers did lead the Celtics in the fourth quarter o three different games in this series.
In addition to Mathurin returning to the lineup next season, the Pacers will be looking for more ways to incorporate Jarace Walker and Ben Sheppard, their two first-round picks from the 2023 NBA Draft. Sheppard saw the most time out of the two rookies, even playing heavy minutes during the Pacers' playoff run. However, Walker is an athletic, two-way forward that the team is exceptionally high on. It is certainly possible that he could wind up filling the minutes left behind by Toppin if he were to depart in free agency.
Mathurin, Walker, and Sheppard are the three players this organization will practically view as “new options” to include in their rotations, simply because the Pacers won't have much space to make a lot of roster moves once a new contract is given to Siakam. It is also worth noting that Indiana owns three second-round picks in this year's draft, including back-to-back picks at No. 49 and No. 50 overall.
Internal growth and chemistry will be the two points of emphasis for the Pacers this offseason. Once thought to be a rebuilding franchise, the Pacers have sent a clear message to the rest of the NBA that they are capable of winning on the biggest stage possible. With a full summer to work on their craft, the Pacers should enter the 2024-25 season as favorites to win the Eastern Conference behind the Celtics.
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