After LeBron James signed with the Philadelphia 76ers instead of the Miami Heat this month, it reshaped the Heat's entire free-agency board. With James off the table, the front office turned its full attention to an outside shooting guard to pair with Giannis Antetokounmpo and Bam Adebayo.
And that search starts and ends with Klay Thompson.
Miami is keeping its distance from other guards on the market, including DeMar DeRozan and Bradley Beal. The front office doesn’t want to waste their remaining $8 million exception on a temporary fix while they wait on Klay Thompson.
DeRozan, who averaged 18.4 points on 49.7% for the Sacramento Kings last season, has plenty of other teams chasing him. He has no reason to sit around waiting for Miami to make up its mind.
Meanwhile, Thompson is entering the final year of the three-year, $50 million contract he signed back in 2024, and he's set to make $17.5 million in the upcoming season. Since the Mavs are safely below the luxury tax line, they have zero financial reason to buy him out unless he agrees to leave a chunk of money on the table.
On top of that, NBA insider Marc Stein reported that Dallas strictly prefers a trade over a buyout, but there just isn't a realistic trade package between Miami and Dallas right now.
That price tag is exactly why the Heat's $8 million exception is a big deal. If the California native is willing to take a pay cut to get out of Dallas, Miami can use that exception to cover most of the gap between his old salary and his actual market value.
The four-time NBA champion shot 38.3% on 7.6 three-point attempts per game across 69 appearances last season. Plus, his 2,899 career threes rank fourth all-time, trailing only Stephen Curry, James Harden, and Ray Allen. On a Heat roster built around Antetokounmpo and Adebayo who do their damage inside the arc, that kind of elite gravity is the missing piece.
Golden State insider Anthony Slater also tied Thompson to Miami, noting on NBA Today that the Heat "really need depth and they really need shooting" on the perimeter.
For now, Thompson remains in Dallas while Miami stays patient even if that patience means missing out on other available options on the board.
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