The Mavericks announced the trade Thursday.
Collison is the second significant addition made Wednesday by the Mavericks, who also signed center Chris Kaman. Collison and Kaman will be playing on expiring contracts next season.
Collison has one year left on his contract at $2.3 million. ESPN.com reported earlier Wednesday the Mavs and Kaman agreed to terms on a one-year deal worth $8 million.
Collison lost his starting job to George Hill late last season after starting 135 games for the Pacers in two seasons. He averaged 13.2 points and 5.1 assists two years ago and 10.4 points and 4.8 assists this past season.
Jones, a defensive specialist who's been involved in feisty scraps with the Mavericks while playing with Denver and Indiana in recent seasons, also is entering the final year of his contract at $2.9 million.
The arrivals of Collison and Kaman potentially fill two spots in the starting lineup without impacting the significant salary-cap space Dallas is projected to have in the summer of 2013, when the Mavericks will try again to land a free agent of Williams' caliber.
DraftExpress.com reported Mahinmi will receive a four-year deal worth $16 million in joining the Pacers.
Jones was considered a key part of Indiana's rebuilding effort, but he couldn't get much playing time. Danny Granger was entrenched at small forward, then Paul George emerged as a budding star at shooting guard. Now, Lance Stephenson is playing well in the Las Vegas summer league, and the Pacers picked up Orlando Johnson on draft night, leaving few minutes for Jones.
"I think there was a logjam at the wing spots," Bartelstein said. "He's a proven player in this league. He has the opportunity to go somewhere where he can get more playing time."
Jones sent out his thoughts in two tweets:
"Thanks Pacers fans for all the support over the past 3 years. I gave my heart and soul on the court and in the community," he wrote. "Indiana is definitely a place I will always remember. Happy to see my guys (at)StephensonLance and (at)King24George grow into great players &men."
Mahinmi also sent out his thoughts on Twitter:
"Hey PacerNation I'm very excited to start a new journey with indy, looking forward to get to work!!! thanks for the warm welcome pacer fans!" he wrote.?
Information from The Associated Press was used in this report.