The USHL has placed the team in a "Dormancy Status" for the 2014-15 season while the organization focuses on development of a new facility and permanent home in the Indianapolis area. During this time the Indiana Ice organization remains a Member Club in the USHL, with membership on its Board and full rights to participate in the business and operations of the League. 
The Ice captured the regular season conference/division titles in the 2007-08 and 2013-14 seasons. The team won the 2009 and 2014 Clark Cup titles.
This team is unrelated to the Indianapolis Ice teams that existed from 1988 to 2004. Those teams were professional teams playing in the IHL and CHL.
2004-05: Lost to Cedar Rapids 3 games to none in quarterfinals; the RoughRiders eventually won the Clark Cup title.
2005-06: Lost to Cedar Rapids RoughRiders 3 games to 2 in quarterfinals; the Ice held a 2-1 series lead before losing the last 2 games.
2006-07: Swept Green Bay 4 games to 0 in first round; defeated Waterloo & Cedar Rapids in round-robin pool play in Round 2; lost to eventual Clark Cup Champion Sioux Falls 3-2 in O.T. in Clark Cup Semifinals
2007-08: Lost to Chicago 3 games to 1 in quarterfinals.
2008-09: Defeated Cedar Rapids 3 games to 2 in quarterfinals; defeated Green Bay 3 games to 1 in East Division Finals; defeated Fargo 3 games to 1 to win the Clark Cup Finals.
2009-10: Defeated the Cedar Rapids 3 games to 2 in quarterfinals; lost to Green Bay 3 games to 1 in East Division Finals
2010-11: Defeated the Waterloo 2 games to 0 in first round; lost to Green Bay 3 games to 0 in Eastern Quarterfinals
2011-12: Defeated Dubuque 3 games to 0 in Eastern Conference Semifinals; lost to Green Bay 3 games to 0 in conference finals
2013-14: Defeated Green Bay 3 games to 1 in quarterfinals; defeated Dubuque 3 games to 0 in Eastern Conference Finals; defeated Waterloo 3 games to 2 to win the Clark Cup Finals.
The following table shows NHL draft picks that have played for the Ice. The tenure column indicates whether they were drafted while on the Ice roster, prior to arriving, or after moving on to college or major junior.