8:05pm: Smith’s new two-year deal is worth $9.6MM, per ESPN’s Adrian Wojnarowski. That’s approximately the maximum amount the Pacers could offer over two seasons.
7:25pm: Free agent big man Jalen Smith has agreed to a two-year contract with the Pacers and will return to Indiana, sources tell Shams Charania of The Athletic (Twitter link).
The 10th overall pick in 2020, Smith barely saw any action as a rookie in Phoenix in 2020/21, then found himself out of the Suns’ plans. They turned down his third-year rookie scale option for 2022/23 at the start of last season and traded him to Indiana at this year’s deadline.
With the lottery-bound Pacers, Smith began to flash the upside that made him a lottery pick two years ago, averaging 13.4 PPG, 7.6 RPG, and 1.0 BPG on .531/.373/.760 shooting in a part-time role (24.7 MPG).
There was a sense that Smith may be playing himself out of the Pacers’ price range — even though they hold his Bird rights, they were prohibited from offering him a starting salary higher than $4.67MM, the amount of his declined option. However, it appears that limit didn’t stop the two sides from getting a deal done.
While it’s possible potential suitors were hesitant to invest too aggressively in Smith based on the numbers he was putting up for a team out of playoff contention down the stretch, he’s still just 22 years old and has the potential to continue improving.
Smith’s role and place on the 2022/23 depth chart will be determined in part by whether veteran bigs like Myles Turner and Daniel Theis remain on Indiana’s roster or end up elsewhere by the fall.