Bad deal for Indy.
The Pacers give up the best player in the deal and lose their pick? Which considering they're on the verge of rebuilding, is a big time no-no.
As for Tinsley, he's got a lot of good and a lot of bad. The good is, if you surround him with scorers, he's a Steve Nash-like playmaker. Easily a top-5 playmaker/passer in the entire league and on a team like the Lakers could average double-figures assists. The bad news is, he can't shoot yet seems to think he can. Of course, Indy has been beat up and deteriorated the past few seasons, so a lot of that has been out of necessity and not choice. But regardless, he'd be a huge upgrade over any point guard the Lakers currently have. And for those saying Tinsley's contract is horrible, it's a little above MLE. For a starting point guard, thats not too bad. Mike Bibby, who had an inferior 2006-2007 season to Tinsley, is making twice that ($12M per).
The fairest deal available....
Jermaine O'Neal
Jamaal Tinsley
Ike Diogu (future 15-20 per game scorer)
Lamar Odom
Andrew Bynum
Kwame Brown
Tinsley/Kobe/Walton/Ike/JO <---much more formidable than the current Lakers
Tinsley > Smush
JO > Lamar
Ike > Kwame
Kobe will still be Kobe and Luke will continue to improve.
Tinsley will get you 12/9/5
Kobe 30/5/5
Walton 12/4/4
Ike 14/8 boards
JO 20/10/3 blocks
That team wins 50-55 games.

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