Klay Thompson's time in Dallas is over. The Mavericks announced on Friday that they have reached a buyout agreement with the five-time All-Star wing, who is now expected to sign a two-year, approximately $13 million contract with the Miami Heat once he clears waivers, according to ESPN's Shams Charania.
The deal includes a player option for the 2027-28 season, giving Thompson flexibility while allowing Miami to stay well below the first-apron hard cap. The Heat had been pursuing Thompson all summer as the ideal floor-spacer to complement Bam Adebayo and newly acquired Giannis Antetokounmpo, but a trade never materialized because Dallas showed little interest in Miami's offers. A buyout became the only viable pathway.
Thompson, 36, spent two seasons in Dallas after signing with the Mavericks in the summer of 2024. The four-time NBA champion struggled to replicate the form that defined his Golden State Warriors dynasty years, and the relationship grew strained when he made it clear he wanted to play for a contender. Dallas, which had 16 players on standard contracts, ultimately agreed to part ways.
Miami held onto roughly $8.9 million of its mid-level exception after using approximately $6 million to sign Tim Hardaway Jr. earlier this offseason. That remaining amount was enough to make a competitive offer to Thompson, and it was always the Heat's top priority — the team never used MLE money to pursue other free agents like Bradley Beal or DeMar DeRozan, per Brett Siegel of ClutchPoints.
The signing bolsters a Miami roster that has undergone a dramatic transformation this summer. With Antetokounmpo arriving via trade from Milwaukee and Thompson now in the fold, the Heat have assembled one of the most experienced and versatile lineups in the Eastern Conference. Thompson's career three-point shooting — he remains one of the greatest shooters in NBA history — should create space for Antetokounmpo's driving game and Adebayo's interior play.
For Thompson, it represents a chance to chase a fifth championship ring in a system that values shooting and defensive effort. The Heat's culture of accountability and player development has long been considered an ideal fit for veterans seeking one more deep playoff run.
The Mavericks, meanwhile, free up salary cap space and reduce their roster to a more manageable size heading into the 2026-27 season. The buyout terms — specifically how much of his $17.5 million salary Thompson surrendered — have not been disclosed.
Thompson is expected to officially sign with Miami after clearing waivers in the coming days.
Sources
- https://www.hoopsrumors.com/2026/08/klay-thompson-expected-to-join-heat-after-buyout-with-mavericks.html
- https://basketballsphere.com/en/nba-morning-brief-klay-thompson-heat-demar-derozan-nuggets/
