Bob Ferry, general manager of the Bullets, said yesterday he will not let free agent guard Kevin Grevey go to the Indiana Pacers without getting something in return.

There are reports that the Pacers have offered veteran forward George McGinnis to the Bullets as an inducement to allow Grevey to move to Indiana. League sources indicate the Bullets so far have balked at taking McGinnis. Neither team will comment on McGinnis' situation.

Grevey signed an offer sheet from the Pacers last Friday and it was submitted to the Bullets Sunday. They have 15 days to match it or let Grevey go. Ferry wouldn't disclose the exact terms of the offer, but indicated it is a four-year contract for $250,000 to $300,000 a year.

"It's certainly a price we can afford," Ferry said. "We couldn't afford to keep Mitch (Kupchak), but we can afford Grevey. We're either going to match the offer and keep him or get something for him."

McGinnis, 31, is a 10-year veteran who has played for the Pacers, 76ers and Denver Rockets. Because of his age, he is not particularly coveted by the young and rebuilding Bullets.

Forward Bob Dandridge is also a free agent but hasn't submitted an offer sheet to the Bullets. Ferry said he probably won't decide on Dandridge's future as a Bullet until the veterans report to training camp Oct. 2.

Ferry reiterated that he is surprised that the Pacers want Grevey. "It just doesn't make that much sense," he said. "They have Billy Knight, who plays the same spot, and Kevin isn't going to beat him out. I just don't understand what they're doing."