Klay Thompson came to the Dallas Mavericks to compete for a fifth NBA championship, but in two seasons with the team, the future Hall of Famer never appeared in a playoff game. The 36-year-old Thompson played just 21 games alongside Luka Dončić and 45 games next to Kyrie Irving.
Now, Thompson’s time in Dallas is over, as the Mavericks announced on Friday that they’ve reached a buyout agreement with Thompson.
“Klay is one of the great players and competitors of his generation, and we are grateful for everything he brought to the Mavericks organization,” Mavericks president Masai Ujiri said in a statement. “We have tremendous respect for Klay and all that he has accomplished throughout his career, and we wish him nothing but the best moving forward.”
Thompson is expected to sign with the Miami Heat once he clears waivers on Sunday, but contract details have yet to be finalized, according to a league source speaking on the condition of anonymity.
News of Thompson’s decision created a domino effect, as veteran DeMar DeRozan was also in discussions with the Heat about signing as a free agent, per league sources. The 37-year-old reached an agreement on a one-year deal with the Denver Nuggets later in the day.
The Mavericks had a 65-99 record in Thompson’s two seasons in Dallas. Earlier in August, he said in a Twitch stream interview that playing on a team capable of making a deep playoff run was his biggest priority at this stage of his career.
“I want to compete for a championship. Not necessarily win one, but just like have the chance to go and try and get another one,” said Thompson, who was set to make $17.46 million in 2026-27 with the Mavs before the buyout.
“I want to play a role on a team that I want to make a deep playoff run, whether it’s this season or next season. But that’s really my only goal.”
The Mavericks were coming off a loss to the Boston Celtics in the 2024 NBA Finals when Thompson came aboard via a sign-and-trade with the Golden State Warriors, the team he spent the first 13 seasons of his career with. Former Mavericks general manager Nico Harrison once said he believed Dallas was “a Klay Thompson away” from winning a championship.
Seven months later, Harrison traded Dončić to the Los Angeles Lakers for Anthony Davis, Max Christie and a 2029 first-round pick. Davis got hurt in his first game with the Mavericks, the first of four separate injuries he suffered during his yearlong Dallas tenure, while Irving tore his ACL in March 2025 and missed the entire 2025-26 season.
Thompson, who was supposed to benefit from the open 3-point looks Dončić and Irving provided, remained the Mavericks’ most productive outside shooter over the last two years and was one of the team’s most durable players, even as the situation around him deteriorated. The 418 3s Thompson made over the past two seasons were the most of any Mavericks player. He also appeared in 141 of a possible 164 regular-season games with Dallas.
Thompson started 72 games for the Mavericks in 2024-25. This past season, he shifted into a bench role, an adjustment he handled well. Thompson averaged 11.7 points while shooting 38.3 percent from 3 on 7.6 attempts per game and started just eight of the 69 games in which he appeared.
The Mavericks, who traded Davis to the Washington Wizards in February, lost 30 of 37 games to close the regular season. In May, they hired Ujiri as team president to replace Harrison, who was fired in November.
Thompson was a critical piece of four championship teams in Golden State. His pursuit of a fifth championship will continue somewhere other than Dallas.
“I just learned to go with it,” Thompson said in April. “You can’t be down just because things change. You still have to be a professional. Just because it didn’t work out and we didn’t get back there, I’m still eager to keep playing. All I want is another chance to win.”