Unfortunately, the Pacers have taken more than a couple steps back. Hopefully they'll find a way to sign and trade Peja in order to get something in return. However, if the Pacers don't make any moves at all this summer, they may not even make the playoffs next year.
I don't see a lineup of:
Jackson/(maybe Fred Jones)/James White
being particularly good. The Pacers would be counting on Granger to essentially make the leap to a near All Star level player if they hope to do better than the 8th spot.