Klay Thompson to Join Heat After Mavericks Buyout

Four-time champion Klay Thompson is signing a two-year deal with Miami after Dallas bought out his $17.5M contract.

The Dallas Mavericks announced on Friday that they had reached a buyout agreement with Klay Thompson, ending a two-year tenure that fell well short of expectations. Thompson was due to earn $17.5 million for the 2026-27 season under his existing contract. According to Bleacher Report, ESPN's Shams Charania reported within minutes that Thompson is expected to sign with the Miami Heat once he clears waivers. The 36-year-old five-time All-Star spent two seasons in Dallas after signing with the Mavericks in 2024 free agency, a move that once seemed to promise championship contention alongside Luka Doncic and Kyrie Irving.

Miami had been targeting Thompson throughout the offseason, viewing him as an ideal floor-spacing wing to complement newly acquired Giannis Antetokounmpo and Bam Adebayo. The Heat retained a portion of their mid-level exception specifically to pursue Thompson if he became available. Thompson will sign a two-year contract worth approximately $13 million with a player option for the second season, according to Charania's report carried by multiple outlets. Sportando reports that Thompson requested his release from Dallas specifically to compete for a championship, walking away from the final year of his contract to pursue that goal in Miami.

Thompson's two seasons in Dallas were a disappointment for both parties. According to NBC 5 Dallas-Fort Worth, Thompson missed the playoffs in both seasons with the Mavericks, matching the total number of playoff absences from his entire 11-season Warriors career. CBS Sports reports that Thompson played 141 games in Dallas, averaging 12.9 points on 40.3/38.7/85.1 shooting splits over two seasons. Last season specifically, he averaged 11.7 points per game while shooting 38.3% from three. Bleacher Report notes that Thompson set career lows in overall field-goal percentage (39.3) and three-point percentage (38.3), and that head coach Jason Kidd shifted him to the bench after just seven games.

The Heat desperately needed perimeter shooting after trading Tyler Herro to Milwaukee in the Antetokounmpo deal and losing Norman Powell to Chicago in free agency. According to NBC 5 Dallas-Fort Worth, Thompson passed Damian Lillard for fourth place on the NBA's all-time three-point list in January and has 2,899 career three-pointers, trailing only Stephen Curry, James Harden, and Ray Allen. Yahoo Sports reports that former Heat champion Jason Williams praised the move, saying: "Just what the Heat needed, bruh! That's going to take them to a different level. Klay Thompson has a lot left in the tank!" CBS Sports notes that Thompson will join Andrew Wiggins, Nikola Jovic, Tim Hardaway Jr., and Dru Smith in Miami's wing rotation.

The buyout structure allowed both sides to move forward. According to Hoops Rumors, Thompson's minimum salary is $3.9 million, meaning he likely surrendered at least that amount in the buyout, and the Mavericks were approximately $2.2 million beneath the luxury tax line before the transaction. The Heat are hard-capped at the first apron due to the Antetokounmpo trade and were about $10.6 million below that threshold prior to signing Thompson. NBC Sports reports that after signing Thompson, the Heat still have two open roster spots and whatever financial flexibility remains under the hard cap. NBC 5 Dallas-Fort Worth reports that Thompson may be able to sign with Miami as early as Sunday, assuming he is not claimed off waivers by another club.

Thompson departs Dallas with four NBA championships and a reputation as one of the greatest shooters in league history, but the question now is how much he has left at age 36. He joins a Heat roster built around Antetokounmpo and Adebayo that is attempting to accelerate its championship timeline. According to CBS Sports, Miami had hoped to sign LeBron James before he opted to join the Philadelphia 76ers, forcing the Heat to pivot to veteran reinforcements. The Mavericks, meanwhile, are pivoting toward a youth movement led by reigning Rookie of the Year Cooper Flagg, with a new front office under Masai Ujiri and a new head coach in Dusty May. For Thompson, the move represents a final pursuit of championship contention.