It’s been a frustrating offseason for Pacers fans.

With no cap room, Indiana is a spectator during in the most intriguing free agent signing period ever.

Two seasons ago Danny Granger signed a 5-year, $60 million extension with the Pacers. All of a sudden that contract is looking like a steal.

But following the opening day of free agency Pacers fans should breathe a sigh of relief. Right about now, Danny Granger’s contract is looking really good.

During the 2008-09 season Granger was signed to a 5-year, $60 million extension.

Think about this. Joe Johnson is about to sign a 6-year, $120 million deal with the Hawks, nearly twice the contract Granger got.

Over the last two seasons Granger has been a better scorer, rebounder, defender, 3-point shooter, and free-throw shooter than Johnson. And he’s two years younger. Seems odd that Johnson will make about twice as much.

In addition, the Grizzlies signed Rudy Gay to a 5-year, $82 million deal – about $4 million more per year than Granger. Gay is a few years younger than Granger, but it would be very hard to argue he’s the better player – $4 million a year better at that.

Granger’s deal isn’t even that far off from what John Salmons was just given by the Milwaukee Bucks – a 5-year, $39 million deal.

Salmons is a good scorer, but committing $8 million per year over 5 years to a guard that will be 31 in December is crazy.

In the most mind-boggling move of free agency’s opening day, Minnesota signed Darko Milicic to a 4-year, $20 million deal. For his career Milicic is a 5.6 points, 4.1 rebound per game guy.

Larry Bird gets a whole lot of flak for some of his moves as the Pacers team president – and rightly so. But you have to say, when looking at some of the contracts signed in free agency’s opening day … you have to like how he handled the Granger situation. You’d have to believe if Granger was a free agent today, somebody would throw close to $100 million at him.