Klay Thompson gives Heat more flexibility with pay cut, signing made official

After ESPN’s Shams Charania broke the Klay Thompson-Miami Heat news on Friday, the signing was made official late on Sunday.

Thompson officially cleared waivers following a buyout with the Dallas Mavericks, leading to a new two-year $11.5 million deal with a player option with the Heat. The contact reportedly comes out to a roughly $5.6 million salary for this year and $5.9 million for the next 2027-28 campaign. For the perfect fit this partnership between the veteran guard and Miami is, that dollar figure is a steal.

According to Mike Scotto of Hoops Hype, the 36-year-old gave up nearly $10 million in his buyout agreement with Dallas. That financial sacrifice now put the sharpshooter in a position to play for a valued role and compete for a title alongside Giannis Antetokounmpo and Bam Adebayo in South Beach.

Thompson is coming off averages of 11.7 points per game on 38.3% shooting from 3-point range.

Klay’s new contract left the Heat with room to add two more veteran minimum signings.

Not only did adding an elite 3-point specialist with championship experience in Thompson address a much needed floor spreading hole— but the move gave Miami some more financial flexibility as well.

As reported by each Barry Jackson and Anthony Chiang of the Miami Herald late on Sunday, the Heat now have room to sign two minimum contract players to fill out the rest of the roster and remain under the salary hard cap. Adding Thompson puts the Heat roster at 13 out of a possible 15 standard roster spots.

The league requirement is 14 of those slots to be filled by the start of the season, thus at least one more signing will soon be coming. According to Jackson, the Heat are looking to address a backup big to add to their power rotation. Some players to keep an eye on are Nick Richards, Keshad Johnson and Gabe Vincent.

Pat Riley was thrilled to land Klay Thompson

Shortly after the Thompson signing was made official, Heat president Pat Riley released a statement on the free agent splash:

“Klay is one of the most iconic players to ever suit up in the NBA. A four-time battle tested World Champion who will fit perfectly into his role as an all-around player at both ends of the court. We all talk about his shooting skill, but there is so much more he brings to the game. We are blessed that Klay chose the Heat in our quest to challenge for championships.”

— Pat Riley (via Anthony Chiang/X)

Despite Thompson’s age and decrease in minutes in Dallas’ rotation last season, he remains a high volume shooting threat capable of giving Miami some much needed gravity. His 38.3% efficiency from deep came on 7.6 attempts per game. For his career, Thompson is a 41% 3-point shooter.

With all the attention Antetokounmpo will bring from opposing teams when driving downhill, Thompson will get a bunch of open looks. His ability to spread the floor will do wonders for the spacing around Antetokounmpo and Adebayo. Additionally, Thompson is fourth in most 3-pointers made all-time and a four-time NBA champion. He most recently won a title with Heat starter Andrew Wiggins back in 2022.

Miami’s interest in Thompson was evident all summer long. Now the patience from Riley and the front office to wait to sign him outright rather than unload assets in a trade has paid off in what has been one of the greatest offseason’s in Heat history.

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