Klay Thompson set for Heat on 2 years, $11.5M after Mavs buyout

Klay Thompson and Dallas have agreed to a buyout, and ESPN reports he cleared waivers on Sunday before agreeing to a two-year deal with Miami, joining a Heat roster that includes Giannis Antetokounmpo.

The contract is expected to be worth $11.5 million, $1.5 million below the $13 million first reported, starting at $5.6 million for 2026-27 and leaving the Heat about $5.2 million under their first-apron hard cap, enough for a full 15 standard contracts at the roughly $2.5 million veteran minimum, though the 15th spot may stay open early.

NBA.com has reported the signing as complete, without terms, and Yahoo Sports reports he gave up more than $9 million in the buyout, roughly the amount the new contract recoups.

He had originally come to the Mavericks in a 2024 sign-and-trade from Golden State on a three-year, $50 million contract, with $17.46 million due for 2026-27.