Klay Thompson Reaches Mavericks Buyout, Expected to Sign With Miami Heat

On Friday, August 21, 2026, the Dallas Mavericks announced a contract buyout with Klay Thompson, ending the four-time NBA champion’s stint in Texas and clearing him to become an unrestricted free agent. ESPN reported the same afternoon that Thompson is expected to sign with the Miami Heat once he clears waivers, according to league sources.

The move closes a summer-long standoff in which Dallas had preferred to trade Thompson rather than eat the final year of his deal, while Miami waited to add the 36-year-old sharpshooter without surrendering rotation players or draft capital.

Editor’s note: This article draws on ESPN reporting by Shams Charania, the Dallas Mavericks’ official statement, and coverage from TSN and international sports desks, August 21, 2026. Contract terms beyond the announced buyout were not fully disclosed.

What Dallas announced

The Mavericks confirmed the buyout in a Friday afternoon statement. Thompson was due $17.5 million in the final season of the three-year, $50 million contract he signed after leaving the Golden State Warriors in a 2024 sign-and-trade.

Mavericks president of basketball operations Masai Ujiri praised Thompson in a release:

“Klay is one of the great players and competitors of his generation, and we are grateful for everything he brought to the Mavericks organization. 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.”

The franchise also posted a tribute on social media, calling Thompson “one of the greatest to ever do it” and thanking him for his time in Dallas.

Financial details of the buyout — including how much of the remaining salary Thompson forfeited — were not disclosed.

Why the buyout happened now

According to ESPN, Thompson initiated the separation by telling Dallas he wanted to play for a contender. The Mavericks went 26-56 in 2025-26, and Thompson’s championship window at age 36 did not align with a rebuilding roster in North Texas.

For months, Dallas had tried to trade Thompson rather than buy him out. Finding a taker for an expiring $17.5 million deal proved difficult, especially for a veteran whose role had shifted from primary option to floor-spacing specialist. By Friday, the Mavericks shifted course and granted Thompson his release.

The reversal was swift. As recently as Thursday, some league insiders reported that a buyout had not been actively discussed, leaving Miami — which had tracked Thompson for weeks — waiting on Dallas to resolve his status.

Detail	Information
Player	Klay Thompson, 36, shooting guard
Former team	Dallas Mavericks (2024–26)
Contract status	Final year bought out ($17.5M due)
Next step	Clear waivers → unrestricted free agency
Expected destination	Miami Heat (per ESPN sources)

Miami’s expected signing and roster fit

Shams Charania reported that Thompson is expected to sign with the Heat after the waiver period. Miami had made the future Hall of Famer its top free-agent priority this summer, preserving part of its midlevel exception rather than trading for his contract.

League observers have widely compared the role Miami envisions for Thompson to the one Ray Allen filled during the Heat’s Big Three championship era — a catch-and-shoot threat who stretches defenses off the ball. Miami reportedly could offer Thompson roughly $8 million of its midlevel money, supplementing whatever salary he surrendered in the Dallas buyout.

The Heat reshaped their roster this offseason with a blockbuster trade for Giannis Antetokounmpo, sending out much of their depth in the process. Miami also added Tim Hardaway Jr. in free agency, but still lacked elite volume three-point shooting around Antetokounmpo and Bam Adebayo. Thompson addresses that gap directly.

Questions remain about fit beyond spacing. Miami’s revised roster has limited playmaking on the perimeter, and Thompson is not a primary ball-handler at this stage of his career. Defensively, age and past Achilles and knee injuries — which cost him consecutive seasons in Golden State — will shape how much he can guard opposing wings in a playoff rotation.

Still, pairing one of the greatest shooters in league history with Antetokounmpo’s gravity gives Miami a credible path to open looks from the corners and above the break.

Thompson’s Dallas tenure and career context

Thompson spent 13 seasons with the Warriors, winning four NBA titles and earning five All-Star selections alongside Stephen Curry in one of the most dominant shooting backcourts ever assembled. He arrived in Dallas in 2024 after Golden State moved on in free agency.

Across two seasons with the Mavericks, Thompson averaged 12.9 points per game and shot 38.7% from three-point range. In 2025-26 alone, he posted 11.7 points, 2.1 rebounds, and 1.4 assists over 69 games, with a 38.3% mark from deep — a career-low efficiency by his standards, but still valuable spacing for a team that lacked consistent shooting.

On the all-time list, Thompson sits fourth in made three-pointers with 2,899, having passed Damian Lillard last season. He needs 75 more triples to overtake Ray Allen (2,973) for third place — a milestone within reach if he plays a full season in Miami — but remains well behind James Harden (3,390) and Curry (4,248).

What happens next

Thompson must clear waivers before signing with Miami or any other team. During the waiver window, clubs with cap room or an open roster spot could claim him at his remaining salary; in practice, that is unlikely given the $17.5 million figure attached to his deal.

If he clears waivers as expected, Thompson becomes an unrestricted free agent and can finalize terms with the Heat. Miami would need to formalize the contract within roster rules and the salary cap, likely using a portion of the midlevel exception.

The Los Angeles Lakers had also been mentioned as a possible suitor if Thompson reached the buyout market, but ESPN’s reporting pointed to Miami as the leading destination on Friday.

For Dallas, the buyout removes a veteran salary from a lottery-bound roster and closes the book on a high-profile experiment that never produced a deep playoff run. For Thompson, it restores the chance to chase a fifth ring on a team built to contend immediately.

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Discussion

Thompson’s move from a 26-win Dallas team to a Giannis-led Miami roster reframes both franchises’ timelines — and his own legacy chase.

1. Did the Mavericks make the right call buying out Thompson instead of holding out for a trade?

Dallas avoided carrying a discontented veteran on a rebuilding roster, but surrendered leverage. Was releasing a future Hall of Famer the pragmatic move, or should the Mavericks have pushed harder for a return?

2. Can Klay Thompson still be a meaningful playoff contributor at 36?

His shooting pedigree is unmatched, but efficiency dipped in Dallas and injuries shortened his prime. Does a reduced role in Miami extend his impact, or highlight the limits of aging legs on defense?

Share where you think Thompson fits among today’s best shooters — and whether a fifth title in Miami would change how his post-Warriors chapter is remembered.