DJ Augustin was renounced by the Cats, allowing him to negotiate a short-term deal with the Pacers.

Adrian Wojnarowski ‏@WojYahooNBA

As @MikeWellsNBA reports, Indy has agreed to a 1-year deal with DJ Augustin. Contract is worth $3.5 million, source tells Y!

Now free of Augustin's cap hold, Charlotte is going to use the newly found cap space to sign Ramon Sessions to a multi-year deal, apparently.

Alex Kennedy ‏@AlexKennedyNBA

The Charlotte Bobcats withdrew qualifying offer to D.J. Augustin because they're on the verge of signing Ramon Sessions to multi-year deal.

Edit: Reports say it is a two-year deal.

However, the Cats don't have quite enough cap space to do so without making another move necessary:

John Hollinger ‏@johnhollinger

Appears Bobcats will also have to renounce DJ White (whom they never gave QO) to complete Sessions deal. Don't everybody jump in at once.

Some observations:

1. Indiana traded Daren Collison yesterday for Ian Mahinmi, then turned around and traded for Augustin to back up Hill. I think most people would agree that Collison > Augustin.

2. DJ White could be a nice big man prospect. Will have to see what interest he generates on the market.