Klay Thompson Bought Out by Mavericks, Expected to Sign With Heat and Reunite With Giannis Antetokounmpo

Klay Thompson is on the move again. The Dallas Mavericks and the veteran sharpshooter agreed to a contract buyout on Friday, clearing the way for Thompson to sign with the Miami Heat once he clears the mandatory waiver period. ESPN’s Shams Charania first reported the expected Heat destination, with multiple outlets confirming the buyout shortly after.

Thompson, a five-time All-Star and four-time NBA champion, spent two seasons in Dallas after signing there in free agency, but his tenure never resembled the title-contending run he envisioned. The Mavericks stumbled to a 26-56 record this past season, a stretch marked by the fallout from the shocking Luka Doncic trade. Thompson still made an impact off the bench, connecting on 202 three-pointers to lead the roster, but his role diminished into a part-time veteran presence rather than the centerpiece shooter he once was in Golden State.

Why the Buyout Happened Now

Dallas had one year remaining on Thompson’s contract, worth $17.5 million for the 2026-27 season. According to reporting from NBA insiders, the Mavericks preferred a trade to a buyout for months, engaging in direct contact between new president of basketball operations Masai Ujiri and Thompson’s camp. But with no trade partner willing to meet Dallas’ asking price, and Thompson reportedly telling the team he wanted a shot with a true contender, the sides ultimately settled on a buyout. Mavericks officials characterized the split as amicable, thanking Thompson for his contributions to the organization.

Thompson averaged 12.9 points on 40.3% shooting from the field and 38.7% from three across his two years in Dallas — respectable marks for a 36-year-old, but a clear step down from his peak years as one of the greatest shooters in NBA history. He now ranks fourth all-time in made three-pointers, a résumé line that still makes him an attractive floor-spacing option for contenders even in the twilight of his career. Fans tracking odds around the league’s title race and offseason moves can find the latest lines through DraftKings promo code offers as the Heat’s roster reshuffling continues to shift the futures market.

Miami Becomes the Frontrunner

The Heat have been the team most consistently linked to Thompson for weeks, and Friday’s buyout confirms Miami’s aggressive offseason approach following its blockbuster trade for Giannis Antetokounmpo. Sources indicate Thompson intends to sign with the Heat as soon as he clears waivers, likely landing in Miami using what remains of the team’s mid-level exception after a portion already went to guard Tim Hardaway Jr. Chris Haynes, another well-sourced NBA reporter, echoed the Heat’s plans on social media Friday, framing the move as Antetokounmpo gaining “another marksman” to space the floor around him.

The fit makes basketball sense on paper. Miami has prioritized perimeter shooting all summer, and Thompson’s gravity as a shooter — even a diminished version of it — could open driving and cutting lanes for Antetokounmpo and center Bam Adebayo. Thompson was reportedly seen training in Miami in recent weeks, including sessions with Heat guard Brandin Podziemski, further fueling the belief that a reunion of sorts, this time in South Florida rather than the Bay Area, was already in motion before Friday’s official announcement. Los Angeles and Golden State were also mentioned as suitors if Thompson reached the open market, but reporting has consistently pointed toward Miami as the most likely landing spot.

What Comes Next

Thompson cannot officially sign anywhere until he clears the 48-hour NBA waiver window. While another team could theoretically claim him at his full 2026-27 salary, that scenario is considered unlikely given his age and recent statistical decline. Once he clears, expect Miami to move quickly to finalize a deal, giving the Heat a 13th man on standard contract and a proven veteran shooter as they push to build around Antetokounmpo entering training camp. For bettors watching how this shakes out, the Heat’s title odds and Eastern Conference positioning are worth monitoring closely as the roster takes shape ahead of opening night.

For the Mavericks, the move officially closes the book on an experiment that began with real championship aspirations and instead became a cautionary tale shaped by the Doncic trade fallout. Dallas now turns its full attention to retooling under Ujiri, while one of the league’s most decorated shooters begins a new chapter in Miami, chasing one more ring alongside a completely different core than the Warriors dynasty that made him famous.