As told by Candace Buckner of the Indy Star:
#Pacers announce they have waived Kadeem Jack and C.J. Fair. Roster stands at 16. Team has until Monday to get it to 15
— Candace Buckner (@CandaceDBuckner) October 24, 2015
Jack and Fair will likely land with the Fort Wayne Mad Ants, the Pacers' newly acquired D-League franchise.
As specified above, the Pacers have until Monday, October 26th, to cut one more player, and set the roster to 15; the maximum number allowed by the NBA.
Because of his partial guarantee, Toney Douglas remains the likeliest candidate to be cut, but it doesn't mean the Pacers can't work on trade/buyout scenarios in the meantime, if they're intent on keeping him.