The deal was announced Wednesday, and the Fort Wayne Mad Ants will be a development team for the Pacers.
One analyst says Reggie Miller helped keep the Pacers in Indianapolis when it appeared they might go elsewhere.
Former team CEO Donnie Walsh returns to take over as team president with Kevin Pritchard being promoted to general manager.
The former three-time NBA Most Valuable Player has worked in the Pacers front office since 2003 and as the head of basketball operations in 2008.
The NBA announced yesterday that the entire 114-game preseason schedule has been cancelled due to the lack of a new collective bargaining agreement.