What woodchuck said.
This is a dude that was still putting up numbers with the Cavs just a few weeks ago. When I watched the Cavs this year, I noticed that those young players were more perimeter oriented and didn't really know how to make a simple entry pass. They were horribly misusing him when he was on the court. They don't know how to play an inside-out game. That's Bynum's game though. You look at a team like the Pacers, they run their offence through the post with that starting lineup. Those starters know how to make an entry pass and feed off post play. I'm sure Indy would love to do this all game but the truth is, when Hibbert comes out and Mahinmi is in, they have no choice but to change their offensive strategy. He's not a good post player and is pretty much an offensive liability. With Bynum replacing him, they can play their style of offence for a full 48 minutes. That's big. Remember, this starting unit for the Pacers outplayed Miami's last year in the playoffs (+44 or something for the series coming into game 7 iirc). The thing was, when Hibbert wasn't in the game, Miami took advantage big time. Bynum can be the answer to that. He's still a big body, and while he's not very quick laterally, he's always been a guy who can alter/block shots at a high rate.
I was telling my friends a couple weeks ago that when you look at what's best for Bynum and the team that would be signing him, there's no better fit than the Pacers. They have a legit chance at a ring this year, they play a slower, half court, inside-out offence that fits Bynum's game to a T. It's also a good fit defensively as Pacers are with the "defensive anchor" philosophy. It's why I thought Miami shouldn't go for him (not a great fit on offence or defence). At the end of the day, Bynum is money driven. It's clear that he's been waiting out on a bigger offer for weeks, but it just hasn't come. It makes sense to go a contender that fits his game. And if he can contribute + win a ring, it bodes well for his chances at getting a bigger contract this summer.
I didn't think this was likely however, because I didn't think Bynum would accept that role (Hibbert's backup). But if these rumours are true and he's willing to sign, I think it's a huge deal assuming he's healthy. And if it fails, hey, like woodchuck said, you can cut him, or as another player might say, "ship his ass out!".