In Summer 2005, the Pacers introduced new, completely re-designed jerseys to replace the pinstripe jerseys that they had worn since 1997. However, the pinstripe jerseys continued to be worn through the pre-season, while the new jerseys debuted at the regular season opener, a win against the Orlando Magic on November 2.

The Pacers made a major move for the 2005–06 season by signing Šarūnas Jasikevičius, the floor leader of two-time defending Euroleague champions Maccabi Tel Aviv.

The first game of the 2005–06 season was Ron Artest's first game back with his team after his suspension the previous year for his role in the November 19, 2004, brawl between Pacers players and Pistons fans.

In 2005, the Pacers got off to an average start. On December 10, 2005, Ron Artest told a reporter for the Indianapolis Star that he wanted to be traded, saying "the team would be better off without me". Various Pacers, including Jermaine O'Neal, soon denounced him, as O'Neal did not want to talk about it. On December 12, the Pacers placed Artest on their inactive list and began seeking a trade for the troubled star. On December 16, the NBA fined Ron Artest $10,000 for publicly demanding a trade, which is similar to "degrading the league".

After that, the team had gone on a 9-12 tailspin and was 22-22, a far cry from the beginning where people mentioned that the Pacers would be one of the NBA's elite. On January 24, 2006, it was said that Artest would be traded to the Sacramento Kings for Predrag Stojaković, when the trade was declined suddenly without any explanation. The following day, however, the trade was accepted, and Indiana finally cut ties with the troubled All-Star. On February 1, 2006, they managed to beat the Kobe Bryant-led Lakers, keeping the high-scorer below his average. Jermaine O'Neal was also sidelined with a torn left groin and missed two months. The Pacers finished the season 41-41.

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