Klay Thompson Bought Out by Mavericks, Heat Emerge as Free Agency Front-Runner

The Klay Thompson era in Dallas is over. The Mavericks announced Friday that they have reached a contract buyout agreement with the sharpshooting guard, making him an unrestricted free agent for the first time since the summer of 2024. The move ends a turbulent two-year stint in Dallas and opens the door for Thompson to sign wherever he chooses, with the Miami Heat now seen as the heavy favorite to land him.

Thompson arrived in Dallas via a blockbuster six-team sign-and-trade in July 2024, just weeks after the Mavericks made their first NBA Finals appearance in 13 years. The four-time champion signed a three-year, $50 million contract at the time, but his tenure never matched the hype. He was owed $17.5 million for the 2026-27 season, the final year of that deal, before the two sides agreed to part ways.

A Rocky Tenure in Dallas

Thompson’s brief run with the Mavericks was defined by instability. His arrival came less than a month before the Luka Doncic trade rocked the franchise and reshaped the roster around him, and Dallas failed to reach the playoffs in either of his two seasons. Injuries around the roster compounded the disappointment. Across 141 games (80 starts) in Dallas, Thompson averaged 12.9 points on 40.3% shooting from the field and 38.7% from three-point range. His role diminished as the season wore on, with his minutes dropping to a career-low 21.7 per game in his second year with the club.

Reports throughout the offseason indicated the Mavericks initially preferred to trade Thompson rather than absorb a buyout, hoping to extract value for his expiring contract. But with no deal materializing and multiple suitors circling, Dallas ultimately relented, clearing the way for Thompson to hit the open market as a 36-year-old ring-chasing veteran with something left to prove.

Heat the Front-Runner, Lakers Interest Cools

The speculation over Thompson’s next stop has been building for weeks, and Miami has emerged as the clear leader in the race. Reports indicate Thompson is expected to sign with the Heat once he officially clears waivers. The buzz intensified as Thompson was seen training in Miami and spotted with Bam Adebayo’s barber, while also liking social media posts referencing a potential move to South Beach. Miami has long been viewed as the team with the most motivation to add one of the league’s premier three-point shooters, giving a Heat roster that has prioritized shooting a proven closer alongside Adebayo and Tyler Herro.

The Los Angeles Lakers were also mentioned prominently throughout the process, fueled by Thompson’s ties to the city, where he spent part of his childhood and still owns a home. But that interest has reportedly cooled in recent weeks, leaving Miami as the favorite to add the sharpshooter before the regular season begins. Wherever he lands, bettors will want to keep an eye on the live NBA odds as his new team’s championship outlook shifts.

What Thompson Still Brings to the Table

Even at 36 and with his role diminished, Thompson remains one of the most accomplished shooters of his generation. He’s a four-time NBA champion (2015, 2017, 2018, 2022), a five-time All-Star, and one half of the “Splash Brothers” duo with Stephen Curry that helped redefine how the modern NBA is played. Thompson won the 2016 Three-Point Contest, led the league in threes made during the 2022-23 season, and ranks second in Warriors franchise history with 2,481 three-pointers made.

For a contender like Miami, adding a shooter of Thompson’s pedigree — even in a reduced role — represents low-risk, potentially high-reward depth heading into a season where the Heat are looking to bolster their perimeter shooting around a core built for a playoff push. Thompson has been vocal about his desire to return to the postseason and chase a fifth championship ring, and after two frustrating years in Dallas, a fresh start with a contender may be exactly what both sides need. Free agency moves quickly this time of year, and reporting suggests his market won’t stay open for long.