According to Mike Wells, Jarrett Jack signed the offer sheet from Toronto last night and has the deal at 4 years for $20 million, which takes the numbers outside the range the Pacers would likely match. The Pacers have seven days to match the offer, but to do so would be a surprise and also put the team back in a precarious salary cap situation. A $4 million per year offer would've made the Pacers think long and hard before letting Jack go, but $5 million per year is simply too rich for the Pacers to consider matcing.
Doug Smith has the story from a Toronto perspective including the point that Jack played at Georgia Tech with Chris Bosh, whom the Raptors are trying to keep in Toronto when his contract is up at the end of next season.
My head tells me letting Jack go is the only move here for the Pacers, considering the limitations in his game. My heart will always have me rooting for Jack and watching his progress with Toronto. There's even a small part of me that hopes the Pacers rue the day that Jack left town after his game fully matures. That day may never come but for Jarrett's sake I hope it does.