Indiana Pacers And Lance Stephenson Agree To Terms On Fourth 10-Day Contract

The Indiana Pacers announced on Monday that they have signed guard Lance Stephenson to a 10-day contract.

Again.

This is the fourth time this season that the Pacers have inked Stephenson to a 10-day deal. The first two agreements were executed using the NBA’s hardship exception, which allowed Indiana to add Stephenson while other players on the roster were in COVID-19 health and safety protocols. Once each member of the blue and gold exited protocols on January 14, the team inked Stephenson to his first standard 10-day deal, and they brought him back on a follow up 10-day contract on the 24th.

That timeline is complicated and busy, but such a string of transactions has become the norm for some NBA teams thanks to the COVID-related hardship exception. Chris Silva has signed three 10-day deals with the Miami Heat this month, for example, and Marquese Chriss inked four different deals with the Dallas Mavericks this season. Stephenson is one of a few players who has signed several contracts with the same squad during the the 2021-22 league calendar.

The Pacers have needed the veteran guard recently thanks to a handful of injuries and dwindling fan interest. Stephenson is a fan favorite in Indianapolis thanks to his prior stints with the team, and he has ignited a spirit within the Pacers fanbase this month. But even beyond off-court benefits, the 10-year veteran has been a boon for Indiana thanks to strong on-court play — he has posted averages of 9.3 points and 3.8 assists per game throughout 12 appearances so far.

“I’m just excited to be back home and to help my team win,” Stephenson said earlier this month.

This 10-day deal for Stephenson will last through February 2, roughly one week before the NBA trade deadline. The blue and gold play six games during that span.

Players can only sign a maximum of two standard 10-day contracts with the same team during a season, so once this agreement expires, the Pacers will have to either ink the unconventional guard to a rest-of-season deal or let him explore other options. Head coach Rick Carlisle indicated earlier this month that he would like to keep the University of Cincinnati product around for the remainder of the season.

And rightfully so. Stephenson has provided a jolt to the lowly Pacers, and his 20-point quarter a few weeks ago was a bright spot for the 17-31 squad this season. His personality provides smiles to many Indiana players and coaches, and his performance has aided the team — the Pacers have been 1.0 points per 100 possessions better with Stephenson on the court than off since he joined the club.

“Lance provides a certain leadership that I think is overlooked in a sense,” Pacers center Myles Turner said in early January. “It’s just great having him back.”

Just like his first standard 10-day deal, Stephenson will carry a salary cap charge of about $96,000 if he plays out the life of this contract. That would bring his total cap hit with the Pacers this season to just shy of $192,000, and that number would climb if he were to sign yet another deal.

What the Pacers and Stephenson decide to do after February 2 will be worth monitoring. The two sides could agree to a contract for the rest of the season immediately, but with the trade deadline coming on February 10, Indiana brass may value having the roster spot open and having more trade flexibility for a week after Stephenson’s deal expires. Once the deadline passes, the team could then circle back around and ink the attacking guard to a deal for the rest of the season, though Stephenson may not want to sit in limbo for that long and miss games.

Such a plan would maximize Pacers flexibility, but it would come at the expense of Stephenson actually being on the team for 8-10 days, and that may not be worth the added elasticity. The Brooklyn native has been the Pacers’ backup point guard for the last month and is a needed piece in the rotation — losing that could be painful for Carlisle’s team for a week-plus stretch that features multiple games. The Pacers would be better off simply signing Lance to a contract for the rest of the season on February 3 and finding ways to create flexibility, to the extent it is even needed, afterwards.

If that’s the route Stephenson and the Pacers front office decide to go, then the only question remaining will be how lengthy Stephenson’s contract ends up being. The team could decide to keep the ball handler on a two or three year deal, given their available team building tools, and put team options on future seasons. Such a structure has been the modus operandi for the current Pacers front office. But both parties could opt for a shorter one-year contract as well.

The resolution will become more clear in coming days. But at the bare minimum, given how Stephenson has played and how Carlisle feels about his performances, it is likely that Indiana will be Stephenson’s home for the rest of the season even beyond this 10-day deal. The Pacers have found their short-term backup point guard.