No, I don't mean it. I don't think you should ever panic; makes things worse. However, when people say "no time to panic", that's sometimes used as an equivalent to "do not criticize". In this context, obviously it is time to panic.
Not that there are no positives; team has been better than many expected last season; they did not have key player losses over the summer, the players they lost are, as far as we can see by the "glimpse of hope" performances of guys like Dahntay Jones, equally replaced by cheaper players; young players do have a future, in some years Hibbert may be a starting caliber player on a good team/contender, hopefully Rush as well, Granger is. So yes, in the long run there are positives, including the work ethic, the team chemistry over the summer, etc. etc.
In other words, you may just as well say "forget the pessimists of the moment, yes we are off to a terrible start, but the future is coming, and with a real point guard it may actually be here sooner rather than later".
Hmmmmm...... here is the problem: the future needs to be now. The team has missed the playoffs for three straight seasons, everything everybody has been talking about is making the playoffs, the coach's contract has been extended in order to make it clear to the players that he is the one to listen to, the whole marketing strategy is built on having a hard-working, fun-to-watch team which is ultimately successful. There is no way they (Pacers) can hold onto the coach if they/"we" are missing the playoffs. Too much pressure from the public, i.e. media, fan base,...Coach gone, system is gone; effectively the whole rebuilding effort could be wasted. Everybody will not only question the coaching, but also the management, i.e. The Legend. There is a chance that a lot of good things which have been built will be ruined if they do not show up in the win/loss statistic.
Before the season, some bloggers asked what the fans thought would be the crucial questions the Pacers were facing this season, along the lines of "Will Hibbert be able to stay in games?", "Will Rush take the next step to be a consistent force?", "Will Granger continue to step up his game?", "Will defense be any better?" or whatever. I thought that the ONLY crucial question the Pacers were facing this season is "Will they make the playoffs?". Too much depends on this sign of success. Otherwise...... time to panic.