DALLAS — The Dallas Mavericks and Klay Thompson have agreed on a contract buyout, ending a two-year tenure that was wrecked by the shocking trade of Luka Dončić.
Thompson intends to sign with the Miami Heat once he clears waivers, according to a person familiar with the five-time All-Star’s plans. The person spoke to The Associated Press on condition of anonymity Friday because Thompson has yet to reveal that detail publicly. Assuming another club doesn’t claim him, Thompson may be able to sign with the Heat as early as Sunday.
The buyout announcement comes after the Mavericks missed the playoffs in both of Thompson’s seasons, which came after Dončić led them to the NBA Finals in 2024.
Thompson joined the Mavs in a sign-and-trade with the Golden State Warriors, giving the Mavericks one of the league’s all-time great 3-point shooters to complement Dončić and another high-scoring guard in Kyrie Irving.
But the high hopes for that threesome imploded after the Mavericks sent Dončić to the Los Angeles Lakers for the oft-injured Anthony Davis in a deal before the 2025 trade deadline. Irving suffered a torn ACL in his left knee a month later and hasn’t played since. Davis was traded to the Washington Wizards just before the February trade deadline last season.
The trade ended up derailing the franchise, although the Mavericks overcame steep odds to win the draft lottery a few months after dealing Dončić. With the No. 1 pick, the Mavericks selected Duke star freshman Cooper Flagg, who ended up winning Rookie of the Year and giving the franchise new hope.
The addition of Flagg helped led to Thompson coming off the bench in most games for the first time since his rookie year with the Warriors.
The buyout of Thompson is the latest in a major retooling of the Mavericks roster. His departure leaves just five players from opening day two years ago, along a new front office in president of basketball operations Masai Ujiri and general manager Mike Schmitz and a new coach in Dusty May, who replaced Jason Kidd.
Thompson won four NBA titles alongside Stephen Curry and Draymond Green with the Warriors. The 36-year-old spent his first 13 seasons the Warriors, although he missed two entire seasons with knee and Achilles injuries.
The five-time All-Star averaged 12.9 points and shot 39% from 3-point range in his two years with the Mavericks. His career marks are 19.6 points per game and 41% 3-point shooting.
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Thompson passed Damian Lillard for fourth place on the career 3-point list in January. He has 2,899 3s, trailing Curry, James Harden and Ray Allen.
Thompson missed the playoffs just twice in the 11 seasons he played for the Warriors. He matched that number in his only two seasons with the Mavs.
“Klay is one of the great players and competitors of his generation, and we are grateful for everything he brought to the Mavericks organization,” Ujiri said. “We have tremendous respect for Klay and all that he has accomplished throughout his career.”
AP’s Tim Reynolds contributed.