Report: League execs think Lance Stephenson situation 'could drag out for a while'

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Despite his status as perhaps the top free agent left on the market, buzz around the league is that Lance Stephenson isn't expected to sign any time soon.

According to Sports Illustrated's Chris Mannix, league executives think the situation "could drag out for a while." The stalemate is caused by Stephenson's perception that he's worth more than the five-year, $44 million offer the Indiana Pacers sent his way early in the process, while the source told Mannix that "I don't think Indiana can go much higher."

Based on numbers from ShamSports, the executive is correct. The Pacers currently have $73.9 million on their books, leaving them around $3 million below the luxury tax. While the Pacers can re-sign Stephenson while over the cap thanks to owning his Bird rights, this is a team on the record as not wanting to go into the tax. 

Signing him to more than the reported deal, which could start almost as low as $8 million, would require the Pacers to subsequently slash $5 million in payroll to get below the tax line, a tricky proposition.

Meanwhile, it's unclear what the market outside of Indiana may be. Charlotte has ample cap space and a need at the position but haven't been tied to the 23-year-old, Dallas is now out of the running after nabbing Chandler Parsons, and other suitors have kept their interest quiet, if it exists. It sure sounds like this could develop into a game of chicken.