Klay Thompson paid a substantial price to leave the Dallas Mavericks. His expected contract with the Miami Heat should soften most of the immediate financial hit while giving him another chance to secure a larger payday next summer.
Thompson surrendered roughly $9.8 million in his buyout agreement with Dallas, HoopsHype’s Michael Scotto reported Saturday, citing league sources. The five-time All-Star plans to sign with Miami after clearing the NBA’s 48-hour waiver process.
The Mavericks owed Thompson approximately $17.5 million for the final season of his contract. Subtracting the reported giveback leaves Dallas responsible for about $7.7 million.
Thompson is expected to sign a two-year contract worth nearly $13 million with Miami, according to ESPN’s Shams Charania. The agreement includes a player option for the second season.
Salary cap analyst Yossi Gozlan reported that Thompson’s Heat salary could start as low as $6.3 million next season. Combined with the approximately $7.7 million still owed by Dallas, Thompson would collect about $14 million during the upcoming season.
In other words, Thompson would immediately recover $6.3 million of the $9.8 million he sacrificed, leaving him approximately $3.5 million short of his original Dallas salary.
Thompson Can Return to Free Agency Next Summer
GettyKlay Thompson of the Dallas Mavericks celebrates a three point shot against the Chicago Bulls during the first half at American Airlines Center on April 12, 2026 in Dallas, Texas.
Thompson’s player option adds another layer to the financial calculation.
If Thompson exercises the option and completes both seasons of the Heat contract, his combined compensation from Dallas and Miami would reach approximately $20.7 million. That would more than replace the money he surrendered in the buyout, though the additional salary would require him to play another season.
But Thompson does not necessarily have to accept the option.
He can decline it and return to free agency next summer. If he performs well in a prominent role with Miami, the decorated guard could command a better contract than the roughly $6.7 million he would receive by opting into the second season.
That possibility helps explain why Thompson was willing to leave nearly $10 million on the table. He exchanged guaranteed money for control over his immediate destination and another chance to increase his market value.
Heat Retain Limited Spending Flexibility
Miami is expected to use a portion of its remaining non-taxpayer midlevel exception to complete Thompson’s contract. The Heat previously used $6 million of the exception to sign Tim Hardaway Jr.
According to Gozlan, a $6.3 million starting salary for Thompson would leave Miami approximately $4.3 million below its hard-cap limit. That should give the Heat enough room to sign one more veteran as they continue searching for frontcourt depth.
Thompson, 36, averaged 11.7 points in 69 games for Dallas last season. Although that represented a career low, he still shot 38.3% from 3-point range on 7.6 attempts per game.
He has made 2,899 career 3-pointers, fourth most in NBA history, while shooting 40.9% from beyond the arc during his career.
The gamble is straightforward. If Thompson thrives alongside Giannis Antetokounmpo and Bam Adebayo, he can decline his option and pursue a larger deal. If his market does not improve, he can return to Miami at a guaranteed salary.
Either outcome gives Thompson a path to recover the money he surrendered without sacrificing control over what comes next.
How Much Money Did Klay Thompson Sacrifice to Join Heat?