The Hornets completed their acquisition of three-time All-Star Peja Stojakovic through a sign-and-trade deal with Indiana on Wednesday. Stojakovic's agent, David Bauman, had said last week that Stojakovic would sign as a free-agent with New Orleans, but general manager Jeff Bower said the sign-and-trade deal was better for both sides.

"I think now everybody around the league knows that we're serious about getting better and being a competitive basketball team," Hornets coach Byron Scott said. "We're serious about winning."

The Hornets also get cash in the deal, while the Pacers receive the draft rights to Andrew Betts, a 7-foot-1 center from Britain who was a second-round draft pick by the Hornets in 1998. Betts has never played in the NBA.

Bauman has said Stojakovic's deal with the Hornets would be worth $64 million over five years.

Hornets owner George Shinn called Stojakovic's acquisition "perhaps the biggest offseason acquisition in the history of the franchise."

"I wasn't really trying to prove a point. I do know in the last season or two we made a couple passes at some players that were out there and they fell through. ... We just decided that if we're going to get it done, we've got to get everybody's attention and let them know we want to get it done," Shinn said.

"We all realized how much getting the best shooter in the NBA to join our team, how much it would help us."

Stojakovic gives the Hornets the outside shooter they lacked last season in a surprising 20-win improvement that kept them in the playoffs until the final week of the season. He rejoins former teammate Bobby Jackson, who has also agreed to terms with the Hornets.

The Jackson signing and New Orleans' trade that sent forward P.J. Brown and guard J.R. Smith to Chicago for center Tyson Chandler haven't been made official yet. Bower said the Hornets were prioritizing the deals for salary cap reasons.

"We've been able to add these quality players and still maintain all that cap flexibility. Contracts are staggered, they are in order of priority, they all fit and we are going to be able to maintain a lot of cap flexibility and still operate as a team with a real sound financial base but with good players," Bower said.

Scott said he expected Stojakovic to start at shooting guard with Desmond Mason staying put at small forward. Stojakovic said he found the two positions to be interchangeable in Sacramento, where Scott was an assistant coach for two seasons before landing his first head coaching gig in New Jersey.

The Hornets also return rookie of the year Chris Paul at point guard and leading scorer David West at power forward. Chandler joins first-round picks Hilton Armstrong and Cedric Simmons in a suddenly crowded, young frontcourt.

"I think this team has a lot of talent and it deserves to be in the playoffs," said Stojakovic, a two-time winner of the NBA's 3-point shooting contest who has averaged 18.4 points for his career.

Stojakovic's teams have made the playoffs each of his eight seasons -- including five years with Jackson in Sacramento.

"Bobby's a great guy and of course he's an unbelievable player, a great addition to the Hornets. We played five years together, and he's going to bring unbelievable energy to this team on both ends of the court. I'm excited to play with him again. It's going to be an exciting season."