It's official: Klay Thompson and the Mavericks are done. Dallas and Thompson agreed to a buyout Friday, ending a two-year run in Dallas that started with a sign-and-trade and ends with him walking after the Mavs couldn't find a trade partner.
Dallas Mavericks announce they have reached a buyout agreement with sharpshooter Klay Thompson, making him an unrestricted free agent.
The buyout wasn't a shock so much as a formality. Thompson had one year and $17.5 million left on his deal, and per Bobby Marks, he was ineligible to be dealt to any team over the first or second tax apron — which gutted the trade market for him. Once it became clear a deal wasn't happening, both sides had every incentive to just cut it loose. The move drops Dallas to 15 standard contracts and clears the runway for Thompson to pick his next home.
- Thompson was on an expiring $17.5M contract. - He was ineligible to sign with teams over the first or second apron - The waiver puts Dallas at 15 players on standard contracts - Miami had 3 open roster spots and were $10.6M below the first apron prior to Thompson
That home is Miami. Shams Charania reported Thompson is expected to sign with the Heat once he clears waivers, and Chris Haynes framed it about as simply as possible: Giannis gets another marksman. Charania added that Thompson made clear to Dallas he wanted out to chase a contender, and that Miami had made him their top free-agent target this summer to surround Antetokounmpo and Bam Adebayo — reportedly waiting nearly two months for his release to actually go through.
The fit makes sense on paper. Thompson spent 13 seasons in Golden State as one half of the Splash Brothers with Steph Curry, winning 4 championships and helping redraw the sport around the 3-point line before leaving for Dallas in a six-team sign-and-trade in 2024. He's shooting a career-low volume compared to his Golden State peak, but a locker room built around two non-shooters in Giannis and Bam is exactly the kind of situation where his gravity still matters — even on an expiring deal at 35.
There's a reunion angle here too. Thompson is walking into a Heat roster that already has Andrew Wiggins, his old Warriors teammate from those title runs, giving Miami a projected starting five of Davion Mitchell, Thompson, Wiggins, Antetokounmpo and Adebayo.
Markets are already reacting — Miami's playoff odds jumped to 71% on Polymarket following the news, a sharp bump for a team that's been retooling on the fly since landing Giannis. Pat Riley has been chasing shooting all summer, and adding a 4-time champion who's hit some of the biggest shots in NBA history costs Miami almost nothing beyond a roster spot. The Heat aren't done — Legion Hoops framed them as "just one major piece away" — but for a franchise trying to build a real frame around Antetokounmpo, Thompson's buyout is the easiest kind of upgrade to say yes to.