Thompson Heads to Miami after Mavericks Buyout

Klay Thompson is set to join the Miami Heat, closing a week that saw the Dallas Mavericks buy out the final year of his contract. The move, first reported by ESPN's Shams Charania, ends Thompson's two-season stint in Dallas and pairs him with Giannis Antetokounmpo in Miami. The team has not yet officially announced the signing.

News of the buyout emerged Friday, when Dallas announced it would pay out the final season of Thompson's deal, a season in which he was due to earn $17.5 million. Thompson cleared waivers Sunday, and outlets subsequently reported his agreement with the Heat.

Reports of the contract's value are split. Several outlets, including The Atlanta Journal-Constitution, NBC Sports, and Bleacher Report, cited a two-year agreement worth approximately $11.5 million. Other reports, including those from ESPN and TSN, placed the contract at $13 million. The discrepancy has not been publicly resolved, and the Heat have not confirmed the exact terms. What appears consistent across reports is that the second season of the contract will be at Thompson's option.

A Buyout with Financial Costs

The buyout with Dallas came at a significant financial cost to Thompson. He was slated to earn $17.5 million in the 2026-27 season. Reports from HoopsHype's Michael Scotto, cited by several outlets, stated that Thompson gave back roughly $9.8 million of that amount to secure his release. Other reporting from NBC Sports put the buyout figure at $9.5 million. The difference reflects varying accounting for the new Miami contract and the original Dallas salary.

Thompson's new deal in Miami is expected to pay him between $11.5 million and $13 million over two years, with his first-year salary likely around $6.34 million if the higher figure holds. Still, he stands to lose money in the immediate term, which reports have interpreted as a clear signal of his desire to compete.

Thompson's Decline in Dallas

Thompson's final season in Dallas was a statistical low. In 69 appearances, he averaged 11.7 points per game, with career-low field-goal and three-point percentages (39.3% and 38.3%). Early in the season, coach Jason Kidd moved Thompson to the bench after just seven games, breaking a written promise from the 2024 offseason that Thompson would start. Kidd characterized the move as short-term, and Thompson was reinserted into the first team for a loss to the Knicks in mid-November, but he eventually settled into a reserve role for the remainder season.

The decline has been attributed by Bleacher Report to age and injuries sustained earlier in his career, including a torn ACL and a torn Achilles. In his first year with Dallas, he averaged 14 points, his lowest full-season output since his rookie year, along with a 41.2% field-goal percentage—a personal worst at the time. The Mavericks had hoped for a Ray Allen-like role for Thompson, but his shooting fell short of that comparison.

Miami's Motivation: Shooting and Veteran Presence

The Miami Heat's interest in Thompson aligns with their need for perimeter shooting around Giannis Antetokounmpo and Bam Adebayo. Pat Riley, the Heat president, lauded Thompson in a statement as "one of the most iconic players to ever suit up in the NBA" and said the team is "blessed" he chose Miami in their quest for championships. Reports from the Miami Herald's Barry Jackson noted that Riley has long valued older veterans around a core and believed Thompson's championship experience and shooting made him a first choice.

Thompson remains one of the NBA's all-time leaders in three-pointers, ranking fourth. Even in a reduced role last season, he made 202 three-pointers at a 38.3% clip, enough that defenses cannot easily leave him open. The Heat's offense revolves around the interior scoring of Antetokounmpo and Adebayo, making perimeter shooting a pressing need.

Whether Thompson starts or comes and off the bench for Miami remains undecided. Barry Jackson reported that coach Erik Spoelstra will consider Thompson, Tim Hardaway Jr., and Pelle Larsson for the starting shooting guard job. Thompson, who had been a starter his entire career until last season, is considered by some reports a strong contender for the spot. Insider Ira Winderman suggested Thompson may start but might also split time with Larsson, who could close some games for defensive stability.

Mavericks Rebuild and Warriors Reconnaissance

The Mavericks, who finished 26-56 last season, are rebuilding around a younger core. Executive Masai Ujiri's football restructure and the offseason trade that moved Luka Dončić signaled a new direction. Thompson's exit is expected to open minutes for younger players, including forward Cooper Flagg. Ujiri praised his former player, saying Thompson is "one of the great players and competitors of his generation."

Meanwhile, the Golden State Warriors once hoped opportunities might have been possible to bring back Thompson, but he chose Miami over a veteran minimum reunion with his former team. The Warriors are now looking to fill roster spots, with reports suggesting targets like Gabe Vincent.

Perspectives

Dallas Mavericks: Club president Masai Ujiri delivered a public farewell honoring Thompson's career, noting his contributions and attributes, but also acknowledged the end of an era. The organization appears forward-looking, pointed at a rebuild with younger players.

Miami Heat: President Pat Riley and other officials emphasized the addition of winning experience and shooting, framing Thompson as a clear cultural and stylistic fit.

Klay Thompson: Sources indicate Thompson wanted to join a contending team, impacting his decision to accept a buyout and sign a Miami for under-market value.