Jarreau was named the American Athletic Defensive Player of the Year after averaging 10.6 points, 5.4 rebounds, 4.3 assists and 1.3 steals last season. He was the first Cougar since 1993 to record a triple-double when he had 15 points, 10 rebounds and 10 assists on March 12.
The 6-foot-5 guard went undrafted last month and appeared in the Las Vegas Summer League with the Miami Heat. He averaged 11.6 points, 6.6 rebounds, 5.8 assists and 1.4 steals on 47.7% shooting from the field in five games with Miami.
Jarreau will split his time between the Pacers and Fort Wayne Mad Ants in the NBA G League. He will have the opportunity to develop with the Mad Ants while gaining NBA experience throughout the season with the parent club.
Players this season signed to two-way contracts are eligible to spend no more than 50 games in the NBA. They will earn a flat salary equal to 50% of the minimum salary applicable to a player with zero years of service.