INDIANAPOLIS — T.J. McConnell is still eligible for a contract extension for the Indiana Pacers, one of the biggest offseason checklist items left in the Circle City. The veteran guard is coming off of a career year and was a vital piece for Indiana’s top-tier bench.

Earlier in the offseason, reporting suggested that the prevailing notion around the NBA was that McConnell would get a longer deal with the blue and gold. He became eligible for an extension in early July.

“We’d love to keep T.J. as a Pacer for life,” Pacers general manager Chad Buchanan said during a radio interview earlier this offseason.

The 32-year old had a career year in 2023-24, averaging 10.2 points and 5.5 assists per game. That scoring number was his career high as he turned into an elite role player down the stretch of the campaign. His scoring and passing were at a peak level for over two months.

His points average actually climbed in the postseason while his assist number essentially remained stable. On the biggest stages, he was even better. Nobody could stay in front of him as the Pacers raced to the Eastern Conference Finals.

“I think everybody saw his value throughout the year, over the last few years. But to see it really shine in the playoffs was something I think was a big goal for T.J., and he accomplished that this year,” Buchanan said. “To have him here long term, we’d love to keep T.J. as a Pacer for life. The business part eventually comes into play for everybody, but would hate to lose that guy.”

McConnell is important for the blue and gold beyond his production. He can run an up-tempo offense, which is vital for Indiana. They played fast and had a pace number near the top of the league. Tyrese Haliburton’s skills require a rapid offense. When the star guard exits the court, McConnell can maintain that system during his minutes, and the Pacers don’t miss a beat.

Indiana kept their offensive rating over 120 with McConnell on the floor without Haliburton, an impressive feat. It’s why the team had one of the best offenses in NBA history last season.

“Phenomenal year for T.J.,” Buchanan said. “I don’t know what you can say more about T.J., what he has meant to this team. Beloved by his teammates, his coaches, the staff, the fans. He’s what you want an Indiana Pacer to be about.”

From the perspective of production and fit, keeping McConnell is a no brainer for the Pacers. But it’s about more than that. As the GM alluded to, the business part comes into play and makes things tricky.

Indiana is close to the luxury tax right now, and they currently project to be about $33 million away next offseason with Myles Turner, McConnell, Isaiah Jackson, and possibly others entering free agency. It will be tough for the blue and gold to keep their whole team together if they are set on staying under the tax line.

Of course, that restriction may not actually prevent Indiana from doing anything. They could just blow past the tax and keep whoever they want. But that’s an expensive decision, and their appetite for doing so may depend on how this season goes.

Additionally, McConnell turns 33 during the upcoming campaign. Modern NBA players can remain effective deeper into their 30s, but the age curve comes for everyone eventually. McConnell is a smaller guard, so his speed is a requirement.

McConnell’s value doesn’t end on the hardwood. He is a beloved teammate and veteran, and losing him would be a hit in the locker room. He’s a key piece for the blue and gold in every way.

After his strong season, he’s eligible for a four year contract extension worth up to about $81 million. He will be eligible for a deal that fits within those parameters any time until free agency starts next summer, so the Pacers could, in theory, assess how he plays this season and fits into their finances after potential trades before agreeing to a deal.

Should McConell want an extension, locking it in sooner would be better for him. Securing guaranteed money ASAP is the best outcome for any NBA player. There are a lot of factors at play with a possible extension for McConnell.

The Pacers have kept their own players around via extensions often in the past five years. Perhaps they will again with McConnell, but timing, age, and finances make it fall just short of a no-brainer for Indiana.