Klay Thompson is officially a member of the Miami Heat after clearing waivers following a buyout with the Dallas Mavericks, according to reports published on Monday, August 24. The five-time NBA All-Star and four-time league champion agreed to a two-year contract worth between 11.5 million and 13 million dollars total, featuring a player option on the second season, as confirmed by multiple sports outlets.
The Buyout Mechanics and Contract Details
The transaction concludes Thompson’s two-season stint in Texas. According to reports from basketinside.com, the 36-year-old guard had one year and approximately 17.5 million dollars remaining on the three-year contract he signed in the summer of 2024 after leaving the Golden State Warriors. Rather than executing a trade that would require surrendering assets, Miami pursued the veteran shooter by waiting out his release. Following a two-day waiting period through the league’s waiver system, Thompson cleared waivers to finalize his move to South Beach.
Financial figures for the new deal vary slightly across reporting outlets. Sport.sky.it reported the two-year agreement at $11.5 million with a player option for the 2027–28 campaign, while basketinside.com reported the total value at $13 million. Both sources confirm the inclusion of a player option on the second year.
Tactical Fit in Miami and Roster Ambitions
The acquisition addresses a specific offensive need for the Heat, who sought perimeter shooting volume to complement frontcourt stars Giannis Antetokounmpo and Bam Adebayo.
During the 2025–26 NBA season with Dallas, Thompson appeared in 69 games—making eight starts—while averaging 11.7 points in 21.7 minutes per contest. He shot 38.3 percent from beyond the arc on 7.6 attempts per game, maintaining floor-spacing value despite a reduced role. Career-wise, Thompson ranks fourth all-time in three-pointers made and carries a 41 percent conversion rate from distance.
Pat Riley’s Assessment and a New Moniker
Pat Riley welcomed the addition of the veteran guard, offering high praise for his resume. “Klay is one of the players most iconic in the history of the NBA,” Riley stated, as reported by sport.sky.it. “We always talk about his shooting qualities, but he knows how to do many other things on the court and will also bring us the experience accumulated by winning the title four times.”
In anticipation of his arrival in South Beach, Heat personnel and media circles quickly generated a new nickname for the sharpshooter. Citing his well-documented affinity for the water—most notably his habit of arriving at games by boat during his tenure in San Francisco—and the proximity of Biscayne Bay, the team dubbed him “Biscayne Klay,” according to sport.sky.it.
Next Steps for the Franchise
With the waiver period concluded and the paperwork cleared, the Heat are expected to formally introduce Thompson ahead of training camp preparations for the upcoming NBA season. Fans and analysts can monitor official team channels for the formal introductory press conference and roster updates as the franchise finalizes its lineup configurations.
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