Klay Thompson cleared waivers Sunday and agreed to sign a two-year, $11.5 million contract with the Miami Heat, a league source told The Athletic. The source spoke anonymously because the deal had not yet been announced. The second year is a player option, and the deal also includes a 15 percent trade kicker.
Thompson, 36, will join forces with Giannis Antetokounmpo as he enters his 14th season with the revamped Heat. A career 40.9 percent 3-point shooter, Thompson is expected to provide much-needed floor spacing for Antetokounmpo and fellow Heat big man Bam Adebayo.
Thompson spent the past two seasons with the Dallas Mavericks. Last season, the future Hall of Famer transitioned to a bench role for the first time since his rookie season in 2011-12. The Mavericks agreed to a buyout with Thompson on Friday, ending a turbulent tenure in Dallas in which he saw the Mavericks trade Luka Dončić and Anthony Davis, hit the lottery with Cooper Flagg and go 65-99 over the past two seasons.
It’s far from what Thompson envisioned when he joined the Mavericks, who appeared to be on a championship track with Dončić. After winning four championships with the Golden State Warriors, Thompson initially viewed the Mavericks as an opportunity to continue competing at a high level. Instead, he played in only 21 games with Dončić before Dallas’ franchise-altering February 2025 trade.
In Miami, Thompson won’t need to worry about the franchise’s direction. The Heat have been built to contend with the defending champion New York Knicks, new-look Philadelphia 76ers, Boston Celtics, Cleveland Cavaliers and Detroit Pistons.
Miami also received Bobby Portis from the Milwaukee Bucks in the Antetokounmpo trade. Portis, who won a championship with the 2021 Bucks and blossomed into one of the NBA’s best sixth men during his six years in Milwaukee, adds frontcourt depth and versatility. Additionally, Miami signed sharpshooting wing Tim Hardaway Jr., who hit a career-best 40.7 percent from 3-point range with the Denver Nuggets last season and finished third in Sixth Man of the Year voting.
Thompson, a five-time All-Star, ranks fourth in NBA history in 3-pointers made with 2,899. He needs only 75 3-pointers to pass Ray Allen for third place. Thompson averaged a career-low 11.7 points for the Mavericks last season, shooting 39.3 percent from the field and 38.3 percent on 3s, both career lows.
The Heat are hoping Thompson can turn back the hands of time and replicate some of the magic he helped create with Golden State, where he teamed with Stephen Curry to form the “Splash Brothers” — widely considered the best shooting backcourt of all time.
Miami opens the regular season at home against the Minnesota Timberwolves on Oct. 21. Five nights later, Thompson and the Heat will welcome the Mavericks.
