Could the Pacers Cash in on a Grizzlies Fire Sale?

The Memphis Grizzlies appear ready to strip their roster down to the studs and begin a full-scale rebuild.

The first signal came in the offseason, when Memphis moved Desmond Bane to the Orlando Magic in exchange for salary filler and three first-round picks. That was followed by another seismic move on Tuesday, Feb. 3, when the Grizzlies dealt Jaren Jackson Jr. to the Utah Jazz for three first-round picks, along with Walter Clayton Jr., Taylor Hendricks, and veterans Kyle Anderson and Georges Niang.

While it’s unlikely Memphis would recoup similar value for Ja Morant, league chatter suggests the former No. 2 overall pick could also be on the move before the deadline. Recent reports indicate the Grizzlies plan to build around Cedric Coward and Zach Edey, a direction that could make additional rotation players available.

One name that continues to stand out is Santi Aldama. Previously, it felt unlikely that the Indiana Pacers could pry Aldama away, but with Memphis now fully leaning into a reset, there may be a narrow window for Indiana to strike.

A three-team framework discussed on Setting The Pace involved Indiana, Memphis, and the New Orleans Pelicans.

The Pacers would acquire:
-Santi Aldama
-Jordan Hawkins
-Yves Missi

New Orleans would acquire:
-Bennedict Mathurin
-2029 second-round pick via Portland

Memphis would acquire:
-Jarace Walker
-Isaiah Jackson
-2027 lottery-protected first-round pick via Indiana
-2027 second-round pick from Utah
-2029 second-round pick from Washington

From Memphis’ perspective, the deal adds draft capital, provides a longer look at a former lottery pick in Walker, and clears approximately $4.2 million in salary.

New Orleans would be moving off Missi and Hawkins while acquiring Mathurin and additional draft capital.

Indiana, meanwhile, would address its frontcourt by adding two stylistically opposite bigs in Aldama and Missi, while using Mathurin’s expiring contract as a positive trade asset rather than risking a value-depressing sign-and-trade in the offseason. While attaching a lottery-protected first to Aldama may feel steep, it would likely land in the bottom third of the draft.

That said, there’s a fair question of whether Indiana is giving up too much.

jordan hawkins — Jan 11, 2026; Orlando, Florida, USA; New Orleans Pelicans guard Jordan Hawkins (24) walks up court during the second quarter against the Orlando Magic at Kia Center. Mandatory Credit: Mike Watters-Imagn Images | Mike Watters-Imagn Images

A revised version of the deal could better balance value. In that structure, Hawkins would be rerouted to Memphis alongside Jackson, Indiana’s 2027 first-round pick protection would be reduced to top-four, and New Orleans would also send its 2029 second-round pick from Portland to Memphis.

Under that construction, Indiana would receive Aldama and Missi. New Orleans would acquire Mathurin and a 2027 second-round pick from Washington. Memphis would land Hawkins, Jackson, a top-four protected 2027 first-round pick from Indiana, a 2027 second-round pick from Utah, and a 2029 second-round pick from Portland.

That adjustment allows Memphis to take on a cheaper contract in Hawkins, secure a stronger first-round pick, and accumulate more second-round capital. Indiana still upgrades its frontcourt and retains Jarace Walker, while New Orleans reshapes its asset mix.

At the end of the day, acquiring two quality big men would be a significant win for Indiana. The deal aligns with Memphis’ rebuild, helps New Orleans retool, and addresses one of the Pacers’ most pressing needs. Most importantly, it represents fair value for all three teams involved—exactly the kind of opportunity that can emerge when a franchise commits fully to a reset.

A three-team framework discussed on Setting The Pace involved Indiana, Memphis, and the New Orleans Pelicans.

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