We have our first big trade of the deadline season – Pascal Siakam is a member of the Indiana Pacers.
Indiana had been linked to Siakam for some time and was the most aggressive suitor, but the price tag stuck. Toronto wanted a haul like the Knicks did for OG Anunoby — Siakam is a two-time All-NBA player, after all — but other teams saw a guy who promised to test free agency and a potential hire they wouldn't pay a premium for would. The sides have found a middle ground, so let's break down the winners and losers of this deal.
First of all, here's how trading is developing:
Indiana Pacers host Pascal Siakam, a future second-round pick
Toronto Raptors host Bruce Brown, Jordan Nwora, Kira Lewis Jr., three first-round picks (2024 Pacers; 2024 worst by Houston, Los Angeles Clippers, Oklahoma City or Utah; 2026 Pacers, top 4 protected)
New Orleans Pelicans received Cash Considerations (from Indiana)
Winner: Pascal Siakam
For all the talk about his fitness and chasing another ring, Pascal Siakam wanted to be somewhere where he could get his money's worth next summer. Enter Indiana, a team with cap space that knows it has to spin off to get and keep stars and its market – there's no way the Pacers would give up three firsts without a wink-wink nod to Siakam would re-sign with them this summer.
Put the money aside and Siakam enters a custom basketball environment. A player who many casual fans don't realize how good he is because the Raptors are rarely on American television is going to blow some away. His game fits Indiana perfectly.
Siakam is a force in transition and now plays alongside the game's best transition guard, Tyrese Haliburton (once he's healthy). Haliburton finds him on runouts or as a trailer when other guys run to the arc on the break and spread the floor, creating an attack lane for Siakam.
People can latch on to the fact that Siakam isn't a great outside shooter. That's right, he's not. However, he is one of the elite players and puts pressure on teams on the sidelines, and he goes to a Pacers team with a lot of shots and balanced floor spacing – he will have offensive touches. Siakam will thrive in Indiana.
And he gets paid.
Winner: Indiana Pacers
The Indiana Pacers were a tough opponent, especially in the playoffs. This move doesn't put them in a competitive league with Boston, Milwaukee and Philadelphia in the East, but none of those contending teams will want to see Indiana in the first round.
However, that's not why the Pacers are the winners of this deal, there's a more important reason:
Indiana has finally made a big breakthrough.
The Pacers have historically been a franchise that has played it safe, hitting an iron off the tee to ensure they land safely on the fairway on a par 5. With this trade, they brought out the big bat and let it rip. That comes with a risk, but with a talent like Haliburton already in the squad, it's the risk they have to take – and they've done it without giving up on their young stars like Bennedict Mathurin or Jarace Walker.
Not only is Siakam scoring, he's helping the Pacers' shaky defense, which has quietly been better of late (15th in the league over the last seven games). Siakam is a 6-foot-1, sprawling defender who, while not elite in that regard, is an upgrade to the Pacers' core rotation. (If Walker can develop a jump shot and become a regular part of the rotation, the defense could be good).
Siakam also helps in the non-Haliburton minutes — Indiana has a -2.9 net rating in the minutes their star point guard is on the bench. Siakam can take over the offense in some of those minutes and keep them afloat.
Loser: Any other team that has their eyes on Siakam this summer
For teams with cap space, Pascal Siakam would be a key target this summer. No longer. Even if things go sideways and Siakam still decides to test the free agent market, there's no chance that this deal could happen without a tongue-in-cheek agreement on a new contract for him this summer.
Philadelphia has been mentioned a lot for having maximum cap space, although I'm not sure the fit would have been that good. It had long been known that Atlanta was interested and may have pursued him. Detroit wants to win some games and Siakam could have helped with that. Teams can now remove Siakam from their summer free agent boards.
Winner: New Orleans Pelicans
A Kira Lewis move has been expected for some time as the Pelicans fall under the luxury tax for this season. It's not exciting, but in that sense it's a win for New Orleans; This is not a team worth paying the tax for. New Orleans was a bit lucky to be in the right place at the right time to get into that mix, but it worked out for them.
Winner: Toronto Raptors
This was a tepid win – Toronto didn't acquire a premium pick or a player – but it's still a win.
Mostly it's a win because they didn't let Siakam do the same thing that happened to Fred VanVleet and Kyle Lowry before him – Siakam didn't walk out the door for nothing.
It's also a win in the grand scheme of things because the Raptors chose and committed to a direction for the franchise, namely a rebuild around Scottie Barnes, something they had to do.
This isn't as exciting a return for Toronto as the press release sounds: Yes, there are three first-round picks, but none of them will be in the lottery. Given that Siakam's contract is expiring and every team that traded for him (Pacers included, even if everyone has good intentions right now) is at risk of a run, this was the best deal they got could. The market was higher on Anunoby than on Siakam.
Don't be surprised if the Raptors deal Bruce Brown in another deal at the deadline (they can move him again at the deadline, but the CBA prevents them from repackaging his salary in another deal, it has to be high straight away).
Big picture: Combine these three picks with the inclusion of RJ Barrett and Immanuel Quickley in the OG Anunoby trade with the Knicks, and you have the foundation for a rebuild (or retool or whatever other term the Raptors call it want) created. It's a victory.