Klay Thompson Heat: 2-Year, Nearly $13M Deal

The Klay Thompson Heat story is a buyout, a waiver claim nobody is making, and a two-year deal worth nearly $13 million. Klay Thompson plans to sign with the Miami Heat after clearing waivers following his contract buyout from the Dallas Mavericks, sources told ESPN's Shams Charania on Friday. The deal includes a player option in the second season. Thompson, 36, was due $17.5 million in the last year of his Mavericks contract. Dallas announced the buyout Friday afternoon.

NBC Sports logged the same terms: two years, $13 million, player option on year two, after he clears waivers. Sports Illustrated had the Mavericks statement and the destination. Thompson told Dallas he wanted to play for a contender, ESPN reported. The Mavericks went 26-56 last season. Miami just built a contender around Giannis Antetokounmpo. That is the entire transaction, minus the paperwork.

Klay Thompson Heat fit after the Mavericks buyout

Thompson spent two seasons in Dallas after a sign-and-trade out of Golden State in the summer of 2024. ESPN had him at 12.9 points per game and 38.7 percent from three across those two years. He passed Damian Lillard last season and now ranks fourth on the career three-point list at 2,899. Ray Allen is third at 2,973. James Harden is at 3,390. Stephen Curry is at 4,248. Seventy-five more makes and Thompson passes Allen. That is the shooter Miami is buying.

The Heat made him their top remaining target after the Antetokounmpo trade, ESPN wrote. He addresses the need for perimeter shooting next to Antetokounmpo and Bam Adebayo. NBC Sports floated a possible starting five of Davion Mitchell, Andrew Wiggins, Thompson, Giannis, and Adebayo, with Pelle Larsson's role shrinking. Sports Illustrated said Miami already signed Tim Hardaway Jr. and still needed another spacer. Thompson is that spacer. He is also a four-time champion and five-time All-Star from 13 seasons in Golden State, a run interrupted by Achilles and knee injuries that cost him consecutive years.

What Dallas said, and what Miami is building

"Klay is one of the great players and competitors of his generation, and we are grateful for everything he brought to the Mavericks organization," Mavericks president of basketball operations Masai Ujiri said in a statement, via ESPN and SI. "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." SI added that Dallas had preferred a trade for months and could not find a suitor for a $17.5 million expiring. A buyout was the door.

The deal cannot be official until he clears waivers. ESPN said the Heat are waiting on that process. If Dallas waived him by Friday evening, he would be available as soon as Sunday. Any claiming team would have to take on the $17.5 million. That is why this is treated as a Heat signing with a waiting period, not a mystery. This is the same NBA weekend that already put James Harden on a new Cavaliers contract and sent DeMar DeRozan to Denver on a one-year deal. Miami is adding a Hall of Fame shooter to a roster that just traded for Giannis. Thompson gets the contender he asked Dallas to let him chase.

Klay Thompson Heat FAQ

What is Klay Thompson's contract with the Heat? A two-year deal worth nearly $13 million, with a player option in the second season, sources told ESPN's Shams Charania. NBC Sports listed it as two years, $13 million.

Why did the Mavericks buy out Klay Thompson? He was due $17.5 million in the final year of his deal. ESPN said he told Dallas he wanted to play for a contender after a 26-56 season. SI said the Mavs could not trade him.

Where does Klay Thompson rank on the all-time three-point list? Fourth, with 2,899 makes, ESPN reported. Ray Allen is third at 2,973. Thompson would pass him with 75 more threes.