The Dallas Mavericks and Klay Thompson have reached an agreement on a contract buyout, concluding a two-year period marked by the unexpected trade of Luka Doncic. Thompson is set to join the Miami Heat after clearing waivers, as per a source familiar with the plans of the five-time All-Star. The source, who requested anonymity, shared this information with The Associated Press on Friday. Pending no claims by other teams, Thompson could officially sign with the Heat as soon as Sunday.
The decision for the buyout follows two consecutive playoff misses by the Mavericks during Thompson’s tenure, which followed Doncic leading Dallas to the NBA Finals in 2024. Thompson came to Dallas in a sign-and-trade deal from Golden State, providing the Mavericks with a top-tier 3-point shooter to complement Doncic, alongside high-scoring guard Kyrie Irving.
However, the promising trio’s prospects took a hit after the Mavericks traded Doncic to the Los Angeles Lakers for Anthony Davis, who had a history of injuries, before the 2025 trade deadline. Irving suffered a torn ACL in his left knee a month later and has been sidelined since. Davis was later traded to the Washington Wizards just before last season’s trade deadline.
The Doncic trade had a significant impact on the franchise, but Dallas managed to win the draft lottery shortly after. They used the No. 1 overall pick to select Cooper Flagg from Duke, who went on to win Rookie of the Year, injecting new hope into the team. Flagg’s addition led to Thompson mostly coming off the bench, a departure from his usual starting role since his rookie year with Golden State.
Thompson’s buyout is part of a broader overhaul of the Mavericks’ roster, leaving only five players from the team’s lineup two years ago. The team has also undergone changes in its front office, with Masai Ujiri as president of basketball operations, Mike Schmitz as general manager, and Dusty May replacing Jason Kidd as the head coach.
Thompson, a four-time NBA champion with the Warriors alongside Stephen Curry and Draymond Green, spent his first 13 seasons in Golden State, overcoming knee and Achilles injuries that caused him to miss two full seasons. With the Mavericks, he averaged 12.9 points and shot 39% from beyond the arc over two years, maintaining a career average of 19.6 points per game and a 41% 3-point shooting rate.
In January, Thompson surpassed Damian Lillard to claim the fourth spot on the all-time 3-point list, boasting 2,899 3-pointers behind Curry, James Harden, and Ray Allen. Thompson missed the playoffs only twice during his time with the Warriors, a record he matched in his brief stint with Dallas.
Ujiri expressed appreciation for Thompson’s contributions, acknowledging his status as a top player and competitor. The Mavericks organization holds deep respect for Thompson and his accomplishments throughout his career.