The Indiana Pacers were founded in 1967 as a part of the old ABA. They joined the NBA in 1976 during the NBA-ABA merger. The Pacers have traditionally been one of the NBA's better teams. Throughout their history they have won nine division titles, three in the ABA, and six in the NBA, most recently back-to-back in 2013 and 2014. The Pacers have also won three championships, although all three of them happened during their time in the ABA: 1969, 1970, and 1971. The Pacers have also won the Eastern Conference one time, back in 2000.
They went on to lose to the Lakers in the NBA Finals. In recent years, the Pacers were considered to be the biggest road block in the Eastern Conference for any team that was looking to get to the finals. They aren’t seen as that same threat this season, but they are still hoping to make the playoffs.
It is very hard to tell exactly where the Pacers stand for the 2015 playoffs. They are run by long time President and former NBA great Larry Bird, who has had a great career as an NBA Executive. The Pacers are slotted to either be the 8th seed or miss the playoffs this season, and even if they are the 8th seed they won't be getting anywhere farther than the first round. A lot of this can be due to Paul George missing the entire season due to injury.