Best Possible Signing: Raymond Felton
The Pacers definitely need a point guard; T.J. Ford and A.J. Price are the only ones on roster at this point.
They won't be able to outright sign Felton, but maybe they can nab him in a sign-and-trade and ship off someone like Mike Dunleavy for him and Alexis Ajinca or Nazr Muhammad (cap filler).
Felton was anything but spectacular in the playoffs, but playing with Danny Granger and Troy Murphy (two somewhat similar players to Stephen Jackson and Gerald Wallace) should facilitate his transition to Indiana's offense.
The Pacers won't have to commit too much to the future either; something in the three-year, $20 million range would be acceptable. In turn, they'd still have around $30 million in cap space next summer and a Felton-Granger-Roy Hibbert combo to build around.
Best Possible Draft Pick: Patrick Patterson
With the point guard need addressed in the offseason, Indiana can draft solely on best available talent.
Even though he's undersized, Patterson has the tenacity of a power forward. He loves operating out of the post and has a decent offensive repertoire.
It's unlikely that Troy Murphy will be apart of future plans past this year, so the Pacers have options if they either trade him during the season or let him go when his contract expires. Patterson isn't as good of a rebounder, but is hard-working, tough, and can connect from mid-range.