Teague appeared in 518 regular-season and 62 postseason games with the Hawks in his seven seasons. He averaged 12.1 points, 5.2 assists, 2.2 rebounds and 1.2 steals during his tenure, which included an All-Star Game selection in 2015.
“I would like to thank Jeff for his seven years with the organization, and our three years together,” Hawks President of Basketball Operations/Head Coach Mike Budenholzer said in a statement. “Jeff developed into a key contributor and played an integral role in the team’s recent success. We wish him well in the next chapter of his career.”
Teague, 28, returns home to Indianapolis, where he went to Pike High School before attending Wake Forest.
“With Jeff, we think he brings something we haven’t had in a true point guard,” Pacers President of Basketball Operations Larry Bird said in a statement. “We think he fits in with what we’re trying to do. He has speed, the ability to create for others and he can score. We look forward to working with him.”