"Coming into next season I need to be in the 25-30-point mark," George told Yahoo Sports. "I got to get back to that old Kobe, T-Mac, 25-shots-a-night kind of guy."
George, 24, averaged 21.7 points, 6.8 rebounds and 3.5 assists last season as the Pacers ranked 22nd in the league in offensive efficiency.
Stephenson signed with the Hornets after reportedly turning down a five-year, $44 million offer from the Pacers.
Indiana signed free agents Rodney Stuckey and C.J. Miles in July.
George is one of 18 players competing for a spot on Team USA's 12-man roster for the FIBA Basketball World Cup, which begins on Aug. 30 in Spain.
The Pacers earned the No. 1 seed in the Eastern Conference last season before falling to Miami in the conference finals.
More: NBA's offseason losers
- Chris Johnson