Feb 22, 2026; Indianapolis, Indiana, USA; Dallas Mavericks guard Klay Thompson (31) in the second half against the Indiana Pacers at Gainbridge Fieldhouse. Mandatory Credit: Trevor Ruszkowski-Imagn Images
Feb 22, 2026; Indianapolis, Indiana, USA; Dallas Mavericks guard Klay Thompson (31) in the second half against the Indiana Pacers at Gainbridge Fieldhouse. Mandatory Credit: Trevor Ruszkowski-Imagn Images
There was a time when it was hard to envision Klay Thompson in anything other than a Golden State Warriors jersey. These days, though, it’s much easier to forget that picture as he prepares to join his third team in four seasons.
While this timeline is likely not what Klay had in mind for this stage of his career, he has given up a lot to give himself one last shot at a ring. According to one report from HoopsHype, he sacrificed $9.8 million to cut himself loose from the Mavericks, effectively giving up over half of his $17.4 million salary.
“Klay Thompson gave back roughly $9.8 million in his buyout agreement with the Dallas Mavericks,” wrote Michael Scotto of HoopsHype. “As widely reported, Thompson now plans to join the Miami Heat once he clears waivers.”
If there was any doubt that Klay was ready to move on, that is settled now. To give up nearly $10 million and then sign with a new team for so much less proves that he was done with the Dallas Mavericks, and it’s probably for the best. Of course, it helps that he’ll be getting paid roughly $6 million per year by the Heat when he joins, somewhat offsetting the losses.
“17.5 M salary that he had been due, minus 9.8 M that Mike cites, is $7.7 M. Combine that $7.7 M with the reported 6 M to 6.4 M that Heat will pay him in year one, and then Klay, all told, would give up between $3 M and $4 M to join Heat,” wrote insider Barry Jackson. “No state income taxes in Texas or Florida, so that doesn’t offset anything.”
In 2024, Klay specifically chose the Mavericks over the Lakers as a free agent. With concerns over Davis’ long-term health, Thompson believed the Mavericks (who still had Luka Doncic at the time) provided a better shot at winning a ring. Of course, he never thought that the Mavericks would trade Doncic just a few months later, changing the entire situation in one fell swoop.
Now, with Dallas in a full-scale rebuild, Thompson felt he no longer fit the franchise’s direction, and he was willing to pay just about any price to set himself free. At 36, the longtime NBA veteran and sharpshooter desires to play meaningful basketball, and it just wouldn’t be possible on a Mavericks team with so many young and unproven players (most notably Cooper Flagg).
If it were up to Dallas, they would have held on to Klay and tried to squeeze out any assets they could from interested teams. But the four-time champion clearly wanted out as soon as possible, and he already has his eyes set on the Miami Heat. He can’t expect a massive salary or a major role, but he can boost their title odds with his scoring and floor spacing.
Regardless of how this story ends, Klay Thompson knew he couldn’t keep going in Dallas. To go out the way he deserves, Klay had to give up millions and separate himself from a team with no clear direction or plan for the future. These breakups can often be ugly, but both sides seem to recognize that their split was long overdue.