The team told Tinsley to stay at home and not come around the team anymore. That's in no way damaging Tinsley's career or labeling him as a cancer to the team? I'm not saying that I think the Pacers wronged Tinsley, because he deserved every ounce of punishment he received, just from being so stupid. I am saying that if a player makes headlines in the wrong way, a team can release them because it's conduct detrimental to the team, and it's very damaging to that team's brand.
If Lance wanted to sue the Pacers for money lost because no team will sign him, then the Pacers should be able to sue him for ticket sales lost because some people don't like what Lance was accused of doing. By your way of thought Pacman Jones should sue the Dallas Cowboys and Mike Vanderjagt should sue the crap out of Peyton Manning. That's just not the way it works in sports.