Bogdanovic thrived with the Pacers after guard Victor Oladipo suffered a season-ending ruptured quad tendon in January. The forward averaged 23.1 points in February and 21.8 points per game in March as the Pacers' primary scoring option.
Indiana finished with a 48-34 record in the regular season and grabbed the fifth seed in the Eastern Conference. The Boston Celtics swept the Pacers in the first round.
Bogdanovic averaged 18.0 points, 4.1 rebounds and two assists per game in 81 regular-season contests. He ranked 12th in the NBA with a career-best 42.5 percent rate from 3-point range this season.
The 30-year-old forward made his NBA debut in 2014, playing his first three seasons with the Brooklyn Nets. The Nets traded him to the Washington Wizards in 2017, and he signed a two-year contract with the Pacers in the following off-season.
NBA free-agent contracts can't be officially signed until July 6.