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 once he completes the waiver process, as per an individual familiar with the plans of the five-time All-Star. The source, who requested anonymity when speaking to The Associated Press, mentioned that Thompson could officially sign with the Heat as early as Sunday if he remains unclaimed by other teams.
The decision for the buyout follows the Mavericks’ failure to make the playoffs during Thompson’s tenure, which followed Doncic leading the team to the NBA Finals in 2024.
Thompson had joined Dallas through a sign-and-trade deal with the Golden State Warriors, providing the Mavericks with one of the most exceptional 3-point shooters in NBA history to complement Doncic and another prolific guard in Kyrie Irving.
However, the promising trio’s prospects took a hit when the Mavericks traded Doncic to the Los Angeles Lakers for Anthony Davis, who had a history of injuries, just before the 2025 trade deadline. Shortly after, Irving suffered a torn ACL in his left knee and has not played since. Davis was later traded to the Washington Wizards before the following season’s trade deadline.
The Doncic trade had significant repercussions for the franchise, although Dallas managed to defy the odds by winning the draft lottery shortly after. With the top overall pick, the Mavericks selected Duke standout freshman Cooper Flagg, who went on to win Rookie of the Year, injecting new optimism into the team.
Flagg’s addition led to Thompson primarily coming off the bench in most games for the first time since his rookie season with the Warriors.
Thompson’s buyout is part of a broader overhaul of the Dallas roster, reducing the number of players remaining from two years ago’s opening day to just five. This restructuring also includes a new front office led by president of basketball operations Masai Ujiri and general manager Mike Schmitz, as well as a coaching change with Dusty May taking over from Jason Kidd.
Thompson, who won four NBA championships with the Warriors alongside Stephen Curry and Draymond Green, spent his first 13 seasons with Golden State, enduring two full seasons on the sidelines due to knee and Achilles injuries.
During his two-year stint with the Mavericks, the five-time All-Star averaged 12.9 points and shot 39% from beyond the arc. Throughout his career, Thompson has maintained averages of 19.6 points per game and a 41% 3-point shooting percentage.
In January, Thompson surpassed Damian Lillard for fourth place on the all-time 3-point list with 2,899 made shots, trailing only Curry, James Harden, and Ray Allen.
While Thompson missed the playoffs only twice during his 11 seasons with the Warriors, he matched that count in his brief time with Dallas.
Ujiri expressed gratitude for Thompson’s contributions to the Mavericks organization, acknowledging him as a top player and competitor of his era.
In a related move, DeMar DeRozan has agreed to a one-year contract with the Denver Nuggets worth $3.9 million, marking his fifth team in his 18-year career and aiming for his first championship. This veteran addition bolsters the Nuggets’ backcourt following a trade involving Peyton Watson, enhancing the team’s experience and depth. DeRozan’s extensive career spans stints with Toronto, San Antonio, Chicago, and Sacramento, with the nine-time All-Star maintaining a strong scoring presence throughout his tenure.