Veteran 3-point specialist Klay Thompson has formally agreed to a two-year contract with the Miami Heat after clearing NBA waivers. The deal, which starts at approximately $5.6 million for the upcoming season with a $5.88 million player option for 2027-28, follows Thompson’s contract buyout with the Dallas Mavericks.
Contract Terms and Waiver Mechanics
Thompson cleared the NBA waiver wire at the league’s 5 p.m. deadline. Although the agreement stemmed from Friday’s buyout with Dallas—where Thompson surrendered nearly $10 million of his salary—the Heat waited out potential waiver claims from teams holding trade exceptions large enough to absorb his previous $17.5 million salary for the 2026-27 season.
At the marked-down starting rate, the transaction created enough financial flexibility for Miami to add two players at the veteran minimum while remaining safely beneath their hard cap. The team remains hard-capped at the first luxury-tax apron due to roster maneuvering executed during their trade last month for Milwaukee Bucks forwards Giannis Antetokounmpo and Bobby Portis.
Roster Fit and Front Office Perspective
For Miami, adding the 36-year-old addresses an organizational need for perimeter shooting to complement Antetokounmpo and center Bam Adebayo. Thompson enters the season ranked fourth on the league’s all-time 3-pointers made list, sitting just 74 long-range conversions behind former Heat guard Ray Allen for third place.
“Klay is one of the most iconic players to ever suit up in the NBA,” Heat President Pat Riley said in a statement. “A four-time battle tested World Champion who will fit perfectly into his role as an all-around player at both ends of the court. We all talk about his shooting skill, but there is so much more he brings to the game. We are blessed that Klay chose the Heat in our quest to challenge for championships.”
Thompson averaged 11.7 points and 2.1 rebounds for Dallas last season, shooting over 40 percent from beyond the arc for his career. He will return to wearing the No. 11 jersey he utilized during his tenure with the Golden State Warriors, rather than the No. 31 he wore with the Mavericks.
Offseason Turnover in Miami
The signing highlights a busy summer for a Miami franchise coming off its first playoff absence in seven seasons and a fourth consecutive trip to the play-in round. The roster overhaul has brought in Thompson, Antetokounmpo, Portis, Tim Hardaway Jr., second-round pick Ryan Conwell, and undrafted guard Tre Donaldson.
Conversely, departures include Tyler Herro, Jaime Jaquez Jr., Kel’el Ware, and Kasparas Jakučionis—all traded to Milwaukee in the Antetokounmpo deal—alongside Norman Powell, who signed with the Chicago Bulls in free agency.
Next Scheduled Checkpoint
Thompson and the new-look Heat roster are scheduled to open their 2026-27 regular-season campaign on October 21 against the Minnesota Timberwolves at Kaseya Center.
