Thompson finalizes the deal after clearing waivers
Klay Thompson signed with the Miami Heat shortly after clearing waivers on Sunday afternoon, completing a two-year contract worth about $11.5 million, with the second season a player option. Thompson, who is fourth on the NBA's all-time made three-pointers list, had been waiting on the waiver process after agreeing to a contract buyout with the Dallas Mavericks on Friday, which ended his two-year run there.
How the contract fits Miami's cap picture
Thompson's salary is set at $5.6 million next season, with the second-year option worth $5.88 million for 2027-28, keeping Miami below the first-apron hard cap that the team hit as part of the Giannis Antetokounmpo trade. That structure leaves room for two veteran-minimum contracts to fill the Heat's 14th and 15th roster spots ahead of the season opener, with veteran reserve center Nick Richards described as a strong candidate for the 14th spot and the 15th spot likely to be decided in training camp.
Riley casts Thompson as a championship piece
Heat President Pat Riley framed the signing as a move aimed at contending, calling Thompson "one of the most iconic players to ever suit up in the NBA" and 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." The addition pairs Thompson with the newly acquired Antetokounmpo and incumbent center Bam Adebayo, addressing an offseason critique of the Heat's shooting that the front office had previously tried to address by signing Tim Hardaway Jr.
Thompson's path from Dallas to Miami
Thompson originally joined Dallas in a sign-and-trade with Golden State to complement Luka Doncic and Kyrie Irving, a plan that unraveled after the Mavericks traded Doncic to the Los Angeles Lakers before the 2025 trade deadline. Kyrie Irving later tore the ACL in his left knee and has not played since, and Anthony Davis, acquired for Doncic, was dealt to the Washington Wizards shortly before last season's trade deadline, leaving Thompson without the core he was brought in to play alongside.
Next steps for the reworked Heat roster
The Heat are expected to decide on a 14th roster spot before the season opener and to let the 15th spot be settled through a training-camp competition.
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