Last week, Pacers forward Peja Stojakovic told Mike Wells of the Indianapolis Star that he?ll likely opt out of the last year of his contract, making him a big name free agent this summer. Stojakovic, whose contract would be worth $8.2 million dollars next season, has been invaluable to a very inconsistent and injury-prone Pacer basketball team.

Peja, who has been hot as of late, is averaging 20.6 points and 6.2 rebounds over Indiana?s last five games. He suggested that there is a very good chance that he will return to Indiana for the 2006-2007 campaign. ?From the moment I was traded I felt that this organization was one of the best in the league, and I believe this team has potential. I was excited about playing here when I got traded, and it?s still exciting,? Peja said Friday night.

Many around the league believe that Larry Bird arranged a deal with Stojakovic before he pulled the trigger on bringing him to Indiana. If such a deal did take place Peja might be saving the Pacers several millions of dollars next season. The Pacers will have to make a decision on re-signing not only Stojakovic, but Fred Jones, and Scot Pollard as well.

Unless he?s signed to a bargain contract I wouldn?t expect Pollard to return next season, and Jones might command a high price from another organization. Jones, considered one of the NBA?s best sixth men, has been a nice fit in Indianapolis but the Pacers would be wise to let him walk rather than overpay for him.

That would leave Larry Bird and Donnie Walsh with a good amount of financial flexibility, and an opportunity to retain one of the league?s most accurate shooters. Scot Pollard, who could be sporting a new uniform himself, explained what Peja brings to the floor every night, ?When you have a guy like Peja on your team, even when he?s off, nobody lays off of him.?

A consistent perimeter threat is something the Pacers were severely lacking before they acquired Stojakovic from the Kings for Ron Artest in January. Opting out of his deal might be the best thing for the Pacers if they are able to sign Peja for a long-term deal to ensure stability to a city that severely needs it.

In the last year the city of Indianapolis has lost a hall of famer in Reggie Miller, traded one of the leagues most talented and notorious players in Ron Artest, lost one of the NFL?s elite running backs in Edgerrin James, struggled through playoff disappointment with the Colts, and have watched their beloved Pacers limp through consecutive seasons.

Paying Peja might be just what the doctor ordered.

Andrew.Perna@RealGM.com