5:15 pm: Peter has been waived, per NBA.com’s log of official transactions.
4:42 pm: The Pacers plan to waive Taelon Peter, who is on a two-way contract, league sources tell Michael Scotto of HoopsHype (Twitter link).
Indiana selected the 6’3″ guard with the 54th overall pick in last year’s draft. He signed a two-year, two-way deal with the Pacers last July.
Peter, 24, made 38 NBA appearances for the Pacers as a rookie, averaging 4.5 points, 1.6 rebounds and 1.1 assists in 12.9 minutes per game. His shooting slash line was .380/.328/.625.
The former Liberty standout also played 20 games (32.5 MPG) for Indiana’s G League affiliate, the Noblesville Boom, averaging 14.9 PPG, 5.2 RPG, 3.8 APG and 1.5 SPG on .415/.363/.833 shooting.
Peter just finished playing for the Pacers’ Summer League team in Las Vegas. He averaged 10.4 PPG, 1.8 RPG, 1.8 APG and 1.2 SPG on .500/.357/.833 shooting in five appearances (24.3 MPG), though he struggled with turnovers (2.2 per game).
NBA teams are permitted to carry three players on two-way contracts, and Indiana’s two-way situation still appears to be crowded even after cutting Peter loose. Ethan Thompson and Kobe Brown remain under contract, the team has a two-way qualifying offer on the table for Jalen Slawson, and also reportedly intends to sign Braden Smith to a two-way contract.