Derek Schultz: The big bucks

The Indiana Pacers have agreed to pay almost $450 million for long-term contracts with All-Stars Tyrese Haliburton and Pascal Siakam. Siakam’s extension ($189.5 million) last month and Haliburton’s up-to-$260-million deal that was signed a year ago represent the two largest contracts in franchise history. The Pacers are hoping the duo can be the pillars that generate consistent championship contention over the next several seasons.

While Siakam’s deal might have reached the debate floor among fans on social media, the overwhelming majority of Pacers backers appeared to support and praise each of the team’s contract-extension decisions. With that unprecedented financial commitment, I looked back on how some of the largest deals in Pacers and Colts history ended up aging after the ink dried:

◗ Jeff George: six years, $15 million in 1990 ($36 million in 2024 dollars)

Fifteen million dollars seems like chump change with how athlete salaries have exploded since the mid-to-late 1990s, but at the time, this deal was a notable gamble. After trading for the No. 1 overall selection in the 1990 NFL Draft, the Colts made national headlines when they decided to give George the largest rookie contract in league history. The deal, which predated the rookie salary cap by nearly two decades, made the former Warren Central star the fourth-highest-paid player in the NFL, paying George more at that time than Joe Montana, Dan Marino and John Elway made.

George was mostly mediocre over four tumultuous seasons. The Colts went 14-35 in George’s starts over his Indy tenure—a record that can’t be all pinned on the quarterback, given how poorly run the franchise was in those years—and he was traded to the Falcons after new General Manager Bill Tobin was hired. George went on to find modest success in short-lived stints in Atlanta, Oakland and Minnesota but never became the superstar quarterback he was drafted (and paid) to become.

◗ Reggie Miller: four years, $36 million in 1996 ($72 million today)

Miller is often praised for never leaving Indiana, but his free agency period in the 1996 offseason was clouded with a fair amount of uncertainty. Wanting to cash in on another All-Star nod and a roster spot for Team USA as part of Dream Team II later that summer, Miller was vocal in the media about his contract demands. It took a minute for the two sides to come to terms on a $36 million extension, which tripled Miller’s previous salary and made the Pacers legend the third-highest-paid player in the NBA for the 1996-1997 season.

You probably don’t need me to tell you how this contract turned out. Miller excelled over the life of the contract, helping the Pacers reach three consecutive Eastern Conference Finals (1998-2000) and the franchise’s lone NBA Finals appearance (2000). He earned two of his five career All-Star appearances and missed just three total games in that span. Miller signed another $36 million extension in 2000, this time for three years, and played through his 39th birthday before retiring as the franchise’s all-time leading scorer in 2005.

◗ Jalen Rose: seven years, $93 million in 2000 ($169 million today)

In the 1999-2000 season, Rose was the leading scorer for the Pacers’ only NBA Finals team to date, scoring a then-career-high 18.2 points per game to secure the NBA’s Most Improved Player Award and a $93 million extension that offseason. Rose led the team in scoring for his final season and a half as a Pacer, but following Larry Bird’s departure after the 2000 Finals run, he never connected with head coach Isiah Thomas and was shipped to Chicago in 2002. Ultimately, Rose put together five productive seasons after that extension, even if barely any of that production came in Indiana, and his trade netted the Pacers a young Brad Miller and Ron Artest. So at worst, his contract should probably be viewed as a wash.

◗ Jermaine O’Neal: seven years, $120 million in 2003 ($205 million today)

As with most lengthy extensions, O’Neal’s deal started well but became a bit of an albatross at the end. J.O. enjoyed his best season as a pro in the first year of the deal, both from an individual and team standpoint, leading the Pacers to a franchise record 61 wins and becoming the only Pacer ever to finish in the top five of the NBA MVP voting (third). He made three more All-Star Games in the seasons that followed, but the team dynamic fell apart following The Brawl and Reggie Miller’s retirement, with the Pacers going a dismal 112-134 over O’Neal’s final three seasons in Indiana (2005-2008) while the oft-injured big man was paid one of the largest salaries in the league. The six-time All-Star was dealt to Toronto with two years remaining on his deal for T.J. Ford, Rasho Nesterovic and the 2008 NBA draft selection that became Roy Hibbert. O’Neal became a late-career journeyman, playing for five teams over his final six seasons.

◗ Peyton Manning: seven years, $99 million in 2004 ($165 million today); five years, $90 million in 2011 ($126 million today)

Manning inked two mega extensions with the Colts, and the two deals had very different outcomes for Indianapolis. His historic, near-nine-figure deal in 2004 included the largest signing bonus ($34.5 million) and annual salary (more than $14.1 million) in NFL history at that time. Peyton threw a then-record 49 touchdown passes in the first year of the deal and was arguably the best player in the NFL throughout the seven years, winning three MVP awards and claiming two AFC crowns, while earning a Super Bowl MVP and Indianapolis’ only championship ring over the life of the extension.

He never played a snap for the Colts after the next extension was signed in the summer of 2011. Manning missed that entire season recovering from multiple neck surgeries and the Colts bottomed out, with their 2-14 record securing the No. 1 pick in the 2012 NFL Draft. The Colts declined an option on the extension before Manning’s $28 million roster bonus kicked in for the 2012 season, making him a free agent. The Colts drafted Andrew Luck, Manning’s neck healed up after signing with Denver, and the rest is history. He won another MVP and another Super Bowl, all while wearing a putrid highlighter orange jersey, and proved the skeptics wrong by playing three additional All-Pro-caliber seasons (four overall) before hanging it up for good after a victory in Super Bowl 50.

◗ Corey Simon: five years, $30 million in 2005 ($48 million today)

Considering how forgettable Simon’s time was here, I don’t blame you for forgetting about this one. Simon, the lone external free agent on this list, was supposed to be the key to unlocking the Colts’ defense, a unit that gave up the fourth-most yards in the NFL in 2004 and was lagging behind its league-leading offense. Bill Polian bucked his usual modus operandi when it came to outside help, throwing $30 million at the former Pro Bowl defensive tackle after Philadelphia let him walk following a prolonged contract dispute. Simon recorded zero sacks in 13 starts as a Colt in 2005 and missed the entire 2006 Super Bowl-winning season because of a knee injury. He was dumped before the 2007 season, and after the Colts failed to recoup Simon’s option bonus, Indy ended up on the hook for nearly half ($14 million) of the original purchase price.

  ◗ Paul George: five years, $90 million in 2013 ($121 million today)

George enjoyed a breakout season in 2012-2013, helping the Pacers to the Eastern Conference Finals, where they pushed LeBron James and the Miami Heat to seven games. The 23-year-old earned his first All-NBA, All-Defensive and All-Star nods that year and was rewarded with a maximum rookie extension. The first year of the new contract was perhaps his best as a Pacer, as George again earned All-NBA and All-Defensive honors and led the Pacers back to the Eastern Conference Finals as their unquestioned focal point. However, PG snapped his leg in half with Team USA the following summer, costing him nearly the entire 2014-2015 season. Although he quickly returned to All-Star form, the Pacers didn’t win another playoff series with him. George forced the team into a trade to Oklahoma City in the summer of 2017 when he was entering the final season of the extension and continues to draw the ire of most Pacer fans.

◗ Shaquille Leonard: five years, $99 million in 2021 ($114 million today)

This one stings. Leonard made good on the first season of this extension, earning First Team All-Pro honors for a third time in four seasons after the Colts made him the highest-paid outside linebacker in the NFL in 2021. However, “The Maniac” underwent surgery that offseason to address nerve problems in his back and hasn’t been the same player since. Leonard missed all but three games of the 2022 season due to myriad physical problems, and although he returned for the 2023 campaign, the fan favorite was a distinctly diminished player, failing to create the splash plays that made him such a dominant force in his first four seasons. Leonard was cut by the Colts before last Thanksgiving, finishing the season with Philadelphia. He played five non-descript games there and was inactive for the Eagles’ playoff loss to Tampa Bay. Sadly, nearing his 29th birthday later this month, Leonard is a free agent at the time of this writing, and there are questions as to whether he’ll appear on an NFL roster, much less ever play at an All-Pro level again.•

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From Peyton Manning’s peak with the Colts to the Pacers’ most recent roster makeover, Schultz has talked about it all as a sports personality in Indianapolis for more than 15 years. Besides his written work with IBJ, he’s active in podcasting and show hosting. You can follow him on X, formerly Twitter, @Schultz975.