The news comes after Bynum was traded by the Cleveland Cavaliers for long-tenured Chicago Bulls forward Luol Deng on Jan. 7. Chicago immediately waived Bynum in a move to dump salary and he has been looking to sign with a contender ever since.
What Bynum can add to Indiana's championship hopes isn't abundantly clear. He was shooting just 41.9 percent from the field before he was suspended and then traded by the Cavs, and his lack of mobility and athleticism was clear during his short time on the court this season.
There is also speculation that the move is also partly to keep Bynum away from other teams with championship hopes. It is tough to see how the former All-Star fits into the Pacers' front-court rotation with reserves Ian Mahinmi and Luis Scola proving adept in Frank Vogel's system. If he can be more productive than he was during his time in Cleveland, the gamble could pay off for an already-elite team in Indiana.
Update: Bynum's deal is for a reported $1 million.