Klay Thompson, Mavericks Reach Buyout Agreement, Clearing Way to Sign With Heat

The Dallas Mavericks announced on Friday afternoon that they had reached a buyout agreement with sharpshooter and future Hall-of-Famer Klay Thompson, letting him hit unrestricted free agency.

For months, the Mavericks had preferred to trade Thompson, who was entering the final year of his contract worth around $17.5 million, but it was going to be hard to find a suitor.

“Klay is one of the great players and competitors of his generation, and we are grateful for everything he brought to the Mavericks organization,” Masai Ujiri said in a statement released by the Mavericks. “We have tremendous respect for Klay and all that he has accomplished throughout his career, and we wish him nothing but the best moving forward.”

Thompson spent two years in Dallas, signing on after the Mavericks' run to the 2024 NBA Finals. Both sides thought he would be the missing piece to a championship, and the team looked great when healthy.

Apr 3, 2026; Dallas, Texas, USA; Dallas Mavericks guard Klay Thompson (31) brings the ball up court during the game between the Mavericks and the Magic at American Airlines Center. Mandatory Credit: Jerome Miron-Imagn Images | IMAGN IMAGES via Reuters Connect

Unfortunately, Luka Doncic suffered a severe calf strain on Christmas Day of 2024, which would be the last time anyone saw him in a Mavericks uniform, as Nico Harrison shockingly traded him to the Los Angeles Lakers for a pitiful return of Anthony Davis, Max Christie, and one future first-round pick.

Kyrie Irving tore his ACL in March and missed all of the 2025-26 season because of it. Anthony Davis played just 29 regular season game before he was salary-dumped to the Washington Wizards.

Thus, Thompson's hopes of contending in the latter stages of his career didn't come to fruition. He now has the chance again, as ESPN's Shams Charania has announced that Thompson will be signing with the Miami Heat once he clears waivers.

BREAKING: Klay Thompson is expected to sign with the Miami Heat after he clears waivers upon a contract buyout with the Dallas Mavericks, sources tell ESPN. pic.twitter.com/jV40iKTyEz
— Shams Charania (@ShamsCharania) August 21, 2026

Evaluating Klay Thompson's Fit With Miami Heat

The Miami Heat desperately needed some three-point shooting. They traded for Giannis Antetokounmpo, sending most of their quality assets out in that trade.

They signed Tim Hardaway Jr. in free agency, but they needed more to surround Antetokounmpo and Bam Adebayo, and you could argue that they still need more.

Because of Miami's lack of pure playmaking, it may not be the cleanest fit for Thompson right away. However, we know he loves his beaches, and playing off Antetokounmpo should be easy for Thompson.

Miami still has a few open roster spots, and while the exact terms of the buyout and how much the Heat will be paying Thompson are unknown, they should be able to add more playmakers.

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