Klay Thompson has completed his move to the Miami Heat, signing a two-year contract worth approximately $11.5 million. The second year of the deal is a player option, and the agreement includes a 15% trade kicker, according to multiple reports. Thompson cleared waivers on Sunday afternoon and finalized the deal shortly afterward.
The signing adds a fourth NBA champion to a Heat roster that has been dramatically reshaped this offseason. Miami acquired Giannis Antetokounmpo and Bobby Portis from the Milwaukee Bucks in a deal that sent Tyler Herro, Jaime Jaquez Jr., Kel'el Ware, and Kasparas Jakučionis to Milwaukee. The Heat also signed Tim Hardaway Jr., bolstering their perimeter scoring alongside incumbent center Bam Adebayo.
Thompson, 36, enters his 14th NBA season as the league's fourth all-time leader in 3-pointers made. He is a career 41% shooter from beyond the arc and last season became the 11th time he made more than 200 3-pointers in a single season. In Miami, he is expected to provide floor spacing around Antetokounmpo and Adebayo, who have both drawn defensive attention in the paint.
Heat President Pat Riley praised Thompson in a statement, calling him "one of the most iconic players to ever suit up in the NBA" and noting that "we are blessed that Klay chose the Heat in our quest to challenge for championships."
A Decision Shaped by Health Concerns
Thompson's arrival in Miami comes after a buyout from the Dallas Mavericks, executed on Friday. According to reports, Thompson gave back nearly $10 million to become a free agent. His time in Dallas lasted just over a season and a half, marked by a turbulent sequence of events that began with the trade of Luka Doncic.
When Thompson joined the Mavericks in 2024 via a sign-and-trade with Golden State, he did so to complement Doncic and Kyrie Irving. The Mavericks had just reached the NBA Finals, and Thompson believed they were closer to a title than the Los Angeles Lakers, who also pursued him that summer. However, according to Christian Clark of The Athletic, Thompson's decision to spurn the Lakers was also influenced by his concerns about Anthony Davis' availability.
As reported by The Athletic, a source with knowledge of Thompson's thinking said that his representatives had discussions with the Lakers, but that "one of the reasons Thompson chose the Mavericks over the Lakers was that he had concerns about Anthony Davis' availability." Those concerns were rooted in Davis' injury history: he had played 76 games in the 2023-24 season, but that was his first time exceeding 62 games in five seasons.
The Mavericks' fortunes turned quickly. Doncic suffered a severe calf strain on Christmas Day 2024 against the Minnesota Timberwolves and was subsequently traded to the Lakers for Davis. Davis played only 29 regular-season games for Dallas before being traded to the Washington Wizards in February. Irving suffered a torn ACL, and Thompson's two seasons in Dallas ended without a playoff appearance, despite the team drafting Cooper Flagg.
Thompson never publicly complained about his situation, according to Sports Illustrated, which described him as a "consummate professional." His move to Miami marks a fresh start with a contender, and he will join a roster that has not won a championship since 2012 and 2013.
A Broader Offseason Shuffle
The Heat's aggressive moves are part of a wider pattern of roster changes across the league. The Denver Nuggets signed DeMar DeRozan to a one-year, $3.9 million contract, according to ESPN's Shams Charania, a move that adds a six-time All-Star for a minimal salary. DeRozan averaged 18.4 points, 4.1 assists, and 2.9 rebounds last season. The Nuggets also lost Peyton Watson, though details of his departure were not provided.
Antetokounmpo, who spent 13 seasons with the Bucks and won two MVP awards and a championship in 2021, revealed on the AnesTea Podcast that he wants to return to Milwaukee after his time with the Heat. The statement adds a layer of intrigue to Miami's championship push, but Antetokounmpo remains under contract with the Heat for now.
Thompson's arrival in Miami caps a whirlwind week that saw him negotiate a buyout with Dallas and quickly agree to terms with the Heat. For a player who has been No. 4 on the NBA's all-time 3-point list and a five-time All-Star, the move represents a chance to pursue a fifth championship with a new core.
"Klay is one of the most iconic players to ever suit up in the NBA," Riley said. "We all talk about his shooting skill, but there is so much more he brings to the game."