Klay Thompson reaches buyout with Mavericks, signs with Miami Heat

The Dallas Mavericks and veteran guard Klay Thompson agreed to a buyout on Friday, ending the 36-year-old’s season with the team. Minutes later, ESPN’s Shams Charanda reported that Thompson will sign with the Miami Heat, a move the Heat have pursued throughout the offseason to add a floor-spacing wing to complement Giannis Antetokounmpo and Bam Adebayo.

Miami retained roughly $8 million of its mid-level exception to facilitate the signing, allowing the team to offer Thompson a contract at or near the veteran minimum while preserving salary-cap flexibility for additional roster moves. The exact terms of the buyout were not disclosed, but the arrangement ensures Thompson’s salary remains unchanged.

The Heat will have two roster spots open after adding Thompson and are currently $10.6 million below the hard cap imposed by the Antetokounmpo trade. Dallas, meanwhile, will absorb the remaining salary and will enter training camp with 15 guaranteed contracts as it reshapes its roster around younger players such as Cooper Flagg.

"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.

Thompson posted averages of 11.7 points per game and a 38.3% three-point rate last season in Dallas. While his shooting remains a threat, analysts note a decline in athleticism and defensive consistency compared with his peak years.