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NBA free agency: Lance Stephenson to Hornets, Rashard Lewis joins Mavs

The Indiana Pacers lost out on Lance Stephenson after reportedly refusing to offer him a shorter-term contract.

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One of the most intriguing young free agents in the class, Lance Stephenson, has inked his new deal with the Charlotte Hornets, coming to terms on a three-year, $27 million contract with a team option in the third year, according to the Charlotte Observer's Rick Bonnell.

The Pacers offered Stephenson a five-year, $44 million contract and also put another option on the table. But according to the Indianapolis Star's Candace Buckner, the offers Indiana gave Stephenson didn't suit him, even though it was for the long term and worth nearly as much annually as his deal with Charlotte. The guard's camp is betting on him becoming a free agent again, and it hopes he'll earn even more money on a shorter deal:

Before targeting Stephenson, Charlotte first handed Utah Jazz swingman Gordon Hayward an offer sheet for four years and $63 million. Utah matched the offer for the restricted free agent.

ESPN reports that Stephenson would have signed a two-year, $20 million offer from the Dallas Mavericks had Mark Cuban's team not inked Houston Rockets swingman Chandler Parsons. The restricted free agent signed a three-year, $46 million deal with the Mavs that the Rockets did not match.

Mavs add Lewis

Rashard Lewis has decided to join the Dallas Mavericks on a veteran's minimum deal, according to Yahoo! Sports' Marc J. Spears. Lewis averaged 4.8 points per game and shot 34 percent from three-point range last season with the Miami Heat.

The Mavericks lost veteran bench member Vince Carter to the Memphis Grizzlies this past season, and while Lewis likely won't be capable of producing what Carter could, he will provide insurance at the end of the rotation for a reshaped Dallas squad.

Jones follows LeBron to Cleveland

LeBron James' former Miami Heat teammate James Jones has followed the King to the Cleveland Cavaliers. Jones has agreed to sign a one-year deal for the veteran's minimum, according to the Akron Beacon Journal's Jason Lloyd. Jones averaged 4.9 points per game for Miami last season and shot 52 percent from three-point range in his 20 regular-season games played.

Jones also played in 15 playoff games and hit 47 percent of his treys.

Tolliver gives Suns a stretch 4

The Phoenix Suns have reached an agreement with forward Anthony Tolliver on a two-year, $6 million deal, according to RealGM. Only $400,000 in the second year of the contract is guaranteed, reports The Arizona Republic's Paul Coro.

The Suns lost starting power forward Channing Frye to the Orlando Magic during this free agency period. Frye signed a four-year, $32 million deal with Orlando. It's expected that Tolliver will replace Frye's three-point shooting from the power forward slot, as Tolliver shot 41 percent on four attempts per game this past season with the Charlotte Bobcats.

Bucks interested in Bayless

According to ESPN's Marc Stein, the Milwaukee Bucks are in contract talks with backup guard Jerryd Bayless and are closing in on a deal. Bayless averaged 9.3 points and 2.7 assists for the Boston Celtics last season.