MIAMI — In the wake of clearing the NBA waiver wire at Sunday’s 5 p.m. deadline, veteran 3-point specialist Klay Thompson formally agreed to a two-year contract with the Miami Heat.

While the contract agreement was part of the process that began with Friday’s buyout by the Dallas Mavericks, the Heat still had to wait out the unlikely waiver claims by teams with a trade exception large enough to absorb Thompson’s full $17.5 million 2026-27 Mavericks salary.

Instead, the machinations worked out as planned, with Thompson giving back nearly $10 million of his Mavericks salary, taking a deal that starts at just below $6 million with the Heat next season, with a player option in 2027-28 for what is a reported $11.5 million overall contract.

With the addition of Thompson, the Heat have room left below their hard cap for the 2026-27 season to add one additional player to a standard contract ahead of their Oct. 21 regular-season opener against the Minnesota Timberwolves at Kaseya Center.

The Heat are hard-capped at the NBA first luxury-tax apron due to the machinations required to trade last month for Milwaukee Bucks forwards Giannis Antetokounmpo and Bobby Portis.

For the Heat, the Thompson acquisition is part of an offseason whirlwind that comes in the wake of a fourth consecutive trip to the NBA’s play-in round and the Heat’s first playoff absence in seven seasons.

Added since the end of last season have now been Thompson, Antetokounmpo, Portis, Tim Hardaway Jr., second-round draft pick Ryan Conwell and undrafted University of Miami guard Tre Donaldson, who was signed to a two-way contract.

Departed since the end of last season have been Norman Powell, Tyler Herro, Kel’el Ware, Jaime Jaquez Jr. and Kasparas Jakucionis, with the latter four sent to the Bucks in the Antetokounmpo-Portis deal. Powell left for the Chicago Bulls in free agency, after the Heat lacked the remaining salary-cap wherewithal to match the Bulls’ offer.

Still undecided is the fate of three players who ended last season on the Heat roster: Keshad Johnson, Jahmir Young and Trevor Keels.

Returning from last season’s roster are Bam Adebayo, Andrew Wiggins, Davion Mitchell, Pelle Larsson, Nikola Jovic, Dru Smith, Simone Fontecchio, Myron Gardner and Vlad Goldin, who is on a two-way contract.

Rounding out the standard roster could prove as simple as signing Chicago Bulls free-agent center Nick Richards, who has been working out in Miami.

Otherwise, the remaining NBA free-agent pool is limited to the likes of players beyond the Heat’s salary means, such as Jalen Duren, Benedict Mathurin and Jonathan Kuminga, or journeymen or younger players such as former Heat players Gabe Vincent, Kelly Olynyk and Kevin Love, Bruce Brown Jr., Nicolas Batum, Brandon Williams, Ochai Agbaji, Cam Thomas, Maxi Kleber, Jaden Ivey, Seth Curry, Dwight Powell, Bismack Biyombo, Doug McDermott, Drew Eubanks and Tony Bradley.

More Jovic

Jovic closed with 13 points (2 of 4 on 3s), four rebounds, one block and was +10 in 27:58 for Serbia in a 91-90 exhibition loss Sunday to Victor Wembanyama and France.

Next up for Jovic, who started Sunday alongside Nikola Jokic, are a pair of World Cup qualifiers for Serbia vs. Iceland and then against an Italian roster that features Fontecchio.