Another trade deadline has passed and there is still no cap relief for the Indiana Pacers. Once again, the Pacers have failed in their attempt to trade away numerous horrific contracts.

While other teams are landing guys like LeBron James and Chris Bosh this summer, the Pacers will be lucky to come up with enough cash to sign free agents like Travis Diener.

The Pacers reportedly were close to trading T.J. Ford but it didn’t happen. A disgruntled Ford is averaging the fewest points, assists, and steals since his rookie season in 2003. Ford will make $8.5 million next season. They didn’t help raise his stock by benching him for the entire month of January. Apparently they didn’t learn their lesson with the Jamaal Tinsley fiasco.

Speaking of Tinsley, it’s been more than two years since he’s suited up for the Pacers. But thanks to the NBA’s flawed guaranteed contract policy, Tinsley will rake in a cool $5.5 million from the Pacers next season … while playing for and getting paid by the Memphis Grizzlies. The Pacers were forced to release him last year after being unable to trade him. Not allowing him to play didn’t exactly boost his trade value.

Jeff Foster is 33 years old and played in 16 games this season before being shelved with a bum back. He averaged 3.1 points and 5.1 rebounds per game. He’s scheduled to make $6.7 million next season. Something doesn’t add up. There was recently a market for Foster, but the Pacers never pulled the trigger on a trade. Now they are stuck with him.

Since his arrival with the Pacers in 2006, Troy Murphy has been one of the few constants on the team. Last season he set the franchise single-season record with 49 double doubles. But while he’s a nice player, Murphy is grossly overpaid. He’s owed $12 million next season – a steep price for a 6-11 forward about to turn 30 with no post game or defensive presence. Still, several teams were interested in trading for him, but it was rumored the Pacers were asking for too much in return.

Mike Dunleavy will be 30 in September and has chronic knee problems. His points per game, minutes per game, and three point percentage has significantly decreased in each of the past three seasons. He’s due a whopping $10.6 million next season. Nobody will even consider trading for him.

With numerous faulty contracts on the books, the Pacers won’t be able to delve into the free agent pool this summer.

LeBron James, Dwyane Wade, Chris Bosh, Amare Stoudemire, Paul Pierce, Manu Ginobili, Joe Johnson, Yao Ming, Carlos Boozer, and Dirk Nowitzki headline the players hitting the open market.

The Pacers will be lucky to have enough loose change to resign Travis Diener, let alone partake in this summer’s free agent extravaganza. And if they can’t ink Diener, who will organize the card games on the plane?

Expect another subpar season from the Pacers next year.

For the 2010-11 season Foster, Dunleavy, Ford, Tinsley, and Murphy will account for about $43 million in cap space. Add in Granger’s $11 million – which seems like the deal of the century compared to the aforementioned contracts – and the Pacers will already be close to their cap limit.

Additionally, Dahntay Jones, Brandon Rush, Tyler Hansbrough, Roy Hibbert, Solomon Jones, and A.J. Price are all on the books for next year. The Pacers will likely be over next year’s cap before the offseason even begins.

So if you’re curious why the Pacers won’t be joining the bidding wars for the league’s brightest stars this summer, now you know.

The 2011-12 season will finally bring cap relief for the franchise. Pacers fans just better hope management has learned from its many mistakes.