This is my take on the topic, from a few days ago in the other JO/Peja thread:
I would really rather see the Pacers get rid of Peja. He'll probably end up costing quite a bit, and I do not think he'll be worth it. If Larry Hughes can get $12 million +, Peja should easily get overpaid. Frankly, it's silly to keep him when we have a guy in Granger who plays the same position and should become a better player than Peja soon enough. Thus, I would either sign and trade Peja if we can get a young player or two who could be starters along with some contracts that expire fairly soon, or simply let him go if nothing else is availiable.
I think keeping JO is imperative. For all his faults, he's probably the best big man the Pacers have ever had, at least in the NBA. We are not likely to find a big guy with his talent on either end of the floor (let alone both) any time soon. Obviously his health and his shot selection are concerns, but I think the shot selection can be improved upon, and he at least always plays in the playoffs when it counts.
I would like to see the Pacers try to move Tinsley as well as Stephen Jackson. I like Tinsley quite a bit, but his contract is way too big, and his health and conditioning have always been problems. I am also a fan of Jackson. He's one of the few guys who never seems to give up and always seems to care whether we win or lose. Unfortunately, his shot selection is awful and Carlisle seems unable or unwilling to do anything about it. These guys should be traded while they still have some value. I would be okay with ditching them for shorter contracts, though it would be best if we could get some value out of them. Perhaps the Pacers could get a back up big or possibly a swingman with the ability to start out of those two players.
This offseason should be interesting. The three guys I think must be here on opening day are JO, Granger, and Anthony Johnson. Johnson has earned the starting point guard spot, though I would not be opposed to drafting his possible replacement. JO and Granger are the guys we should build around.
The drafting of Shawne Williams makes me wonder whether Bird is thinking of blowing it up. However, I think we need to give JO another shot and see if we can put the right pieces around him.