The NBA's biggest late-summer free-agency domino finally moved on Friday. The Dallas Mavericks announced a buyout agreement with Klay Thompson, releasing the four-time champion from the final season of his contract, and within minutes ESPN's Shams Charania reported that Thompson is expected to sign with the Miami Heat once he clears waivers. For a Heat organization that has spent the entire offseason hunting perimeter shooting around Giannis Antetokounmpo and Bam Adebayo, the addition could be the missing piece of spacing — and for Thompson, it's exactly the last-act shot at contention he demanded when he pushed Dallas for his release.
The buyout: how Miami finally got its man
Thompson, 36, was due to make $17.5 million in 2026-27, the final year of the two-year deal he signed with Dallas in 2024. The Mavericks had resisted a buyout for weeks, preferring to trade him, but Thompson made it clear he wanted to play for a contender and the two sides ultimately reached an agreement announced Friday afternoon. Once the 48-hour waiver period passes — and no team is expected to claim him at that full salary — Thompson becomes an unrestricted free agent free to sign in Miami.
The Heat made Thompson their top free-agent priority of the summer, sources told ESPN, and they waited nearly two months for this exact scenario. Miami's interest always hinged on a buyout: the Heat can only offer a portion of their mid-level exception, with roughly $8.9 million of the $16 million exception still available after $6 million went to Tim Hardaway Jr. earlier in free agency. That is why a trade was never realistic — and why the buyout was the only pathway that worked for both sides.
The Ray Allen role: a familiar blueprint
If the fit sounds familiar, that's by design. The Heat have reportedly envisioned Thompson as the modern version of the role Ray Allen filled around Miami's last championship core — a catch-and-shoot specialist whose gravity opens up driving lanes for the stars. Allen joined the Heat in 2012 and hit arguably the most famous three-pointer in franchise history in Game 6 of the 2013 Finals. The blueprint worked then, and Miami's front office clearly believes the same archetype can work next to Giannis.
Thompson's résumé makes him the ideal candidate. He is one of the greatest shooters in NBA history: four titles with the Golden State Warriors, five All-Star selections, an NBA-record 14 three-pointers in a single game, the 37-point quarter, and 60 points in 29 minutes. Even in two declining seasons in Dallas — 141 games, 12.9 points per game on 40.3/38.7/85.1 shooting splits, including 11.7 points and 38.3% from deep last season — he remains a legitimate floor-spacer whose mere presence bends defenses.
What the new-look Heat looks like
With Thompson in the fold, a projected Miami starting five shapes up as Davion Mitchell, Thompson, Andrew Wiggins, Antetokounmpo and Adebayo — a lineup with elite defense at every position and, suddenly, real shooting around the two-man wrecking crew at the frontcourt spots. The Heat acquired Giannis in June in a blockbuster that sent Tyler Herro and much of the team's young depth out the door, which is exactly why the wing depth chart now reads Wiggins, Thompson, Nikola Jovic, Hardaway and Dru Smith.
Behind the starters, the bench features Hardaway, Bobby Portis, Pelle Larsson and Smith, giving Erik Spoelstra legitimate rotation options. Miami currently has 12 players on standard contracts; Thompson would be the 13th, with the team required to add one more and likely holding the 15th and final roster spot open because of the hard cap created by the Giannis acquisition. Names like DeMar DeRozan, Gabe Vincent and veteran center Nick Richards have all been linked to those remaining spots, though DeRozan's desire for exception money may price him out with Thompson's deal taking priority.
The betting angle: does Miami now own the East?
From a betting perspective, this is a meaningful shift. The defending champion New York Knicks have been the team to beat in the Eastern Conference, but the Heat — after adding Giannis, Wiggins and now Thompson — have quietly assembled the most star-studded roster in the East. Thompson's arrival doesn't just add 12 points a game; it adds the threat that keeps defenses honest so Giannis can attack the rim at full speed and Adebayo can operate in the short roll. That spacing is precisely the commodity Miami lacked after the Herro trade.
Expect Miami's championship and Eastern Conference futures to take a noticeable tick after Thompson officially signs, and the betting market will likely price the Heat-Knicks rivalry as the East's premier arms race heading into the season. The obvious caveat: Thompson is 36 and his playoff track record of late has been inconsistent, so this is a high-upside swing rather than a sure thing. But for a Heat team built to win now, it was the exact swing Pat Riley wanted to take.
What's next
The waiver period runs through the weekend, and the signing can become official early next week. Once Thompson puts pen to paper, Miami will have its roster nearly complete — a contender assembled in record time around one of the most dominant players in the league. For Thompson, the journey from Warriors dynasty to Dallas detour ends in South Beach with one last chance to add to the legacy. The East just got a whole lot more interesting.
Ethan Brooks
Ethan Brooks covers sports betting and analysis with a focus on form, matchups, team trends, and the factors that shape competitive events.