Klay Thompson Joins Heat After $17.5M Mavericks Buyout and Giannis Trade

Klay Thompson is expected to sign with the Miami Heat following his contract buyout from the 26-56 Dallas Mavericks.

Klay Thompson is expected to sign with the Miami Heat after clearing waivers following a contract buyout from the Dallas Mavericks, sources told ESPN’s Shams Charania on Friday, August 21, 2026. The 36-year-old guard was scheduled to earn $17.5 million during the final season of his deal before the Mavericks officially announced the buyout at 03:24 PM ET. Thompson requested the move by informing Dallas management he desired to play for a championship contender following a season where the Mavericks finished with a 26-56 record.

Key details

The Miami Heat identified Thompson as their primary target to bolster perimeter shooting alongside Bam Adebayo and recently acquired superstar Giannis Antetokounmpo. During his two-season tenure in Dallas, Thompson averaged 12.9 points per game while converting 38.7% of his attempts from beyond the arc. He currently sits at 2,899 career 3-pointers made, having surpassed Damian Lillard last season to claim the fourth spot on the NBA's all-time list. This transition to the Eastern Conference marks the third professional franchise for the veteran shooter who originally arrived in Texas via a sign-and-trade transaction during the summer of 2024.

Thompson enters the Miami roster needing exactly 75 successful 3-pointers to reach 2,974, which would move him past Hall of Famer Ray Allen for third place in league history. He remains behind James Harden, who has 3,390 makes, and his former Golden State teammate Stephen Curry, who leads the all-time rankings with 4,248. Before his stint in Texas, Thompson spent 13 seasons with the Warriors, where he earned five All-Star selections and won four NBA championships. His time in Golden State was notably impacted by significant health setbacks, including Achilles and knee injuries that resulted in him missing two consecutive seasons of play.

Latest developments

Mavericks president of basketball operations Masai Ujiri released a statement expressing gratitude for the veteran's contributions to the organization. Ujiri described Thompson as one of the great players and competitors of his generation, noting the franchise holds tremendous respect for his career accomplishments. The buyout marks the end of a period where Thompson served as a veteran presence for a Dallas squad that struggled to a sub-.500 finish last year. The front office in Miami prioritized this acquisition to ensure their new superstar core had sufficient spacing to operate in the paint.

By adding the 38.7% long-range shooter, Miami aims to address a specific need for perimeter threats to complement the interior presence of Adebayo and Antetokounmpo. The Heat's pursuit of Thompson followed a blockbuster trade for the Greek Freak, signaling an aggressive push for the 2027 title. Thompson’s career 3-point percentage remains a focal point for Miami’s coaching staff, who intend to utilize his catch-and-shoot efficiency to punish double-teams directed at their All-Star big men. The veteran guard will join a locker room that has consistently reached the postseason, a stark contrast to the 56 losses he endured during his final full campaign in Dallas.

Financial terms of the buyout indicate that Thompson forfeited a portion of his $17.5 million salary to facilitate the move to South Beach. This maneuver allows Miami to stay within luxury tax constraints while adding a four-time champion to their rotation. The Heat’s front office, led by Pat Riley, has a history of recruiting established veterans to fill specialized roles, and Thompson fits the mold of a high-volume spacer. With 2,899 career makes already recorded, every successful attempt from deep this season will further cement his legacy as one of the most prolific marksmen to ever play the game. The official signing is expected once the 48-hour waiver period concludes, allowing Thompson to integrate into the Heat's system before training camp begins.