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It seems Indiana did not really want him that badly. No poison pills in the offer sheet, and no interest in a sign and trade when the suns were basically only asking for 2 first round picks says they really don't think that highly of him to me.
If the Pacers wouldn't part with the rumored trade offer of the Boston and Cleveland first round picks plus Myles Turner, it shows they weren't fully committed to going after Ayton. They would only make an offer sheet and leave it at that. It was a no risk situation for them.
IMO, it was mostly a show of good faith for the fans.