Klay Thompson's tenure with the Dallas Mavericks is hanging in the balance as the offseason drags on. The four-time champion is entering the final year of his contract, and the Mavericks find themselves in a position where they need to shed a player from their roster. Thompson, who has spent most of his career chasing titles, might be looking for a team that offers a clearer path to contention. That alignment of interests has led many to wonder if a split is inevitable.

Throughout the summer, the Mavericks have been actively shopping Thompson on the trade market. But teams like the Miami Heat and the Los Angeles Lakers, both desperate for shooting, have been quietly hoping for a buyout instead. That would allow them to sign Thompson at a reduced price without giving up any assets. Yet, according to multiple reports, that scenario is not unfolding.

Veteran NBA insider Marc Stein has consistently maintained that Dallas is only exploring trade options. The speculation about a potential buyout, however, refused to die down. Then Brett Siegel of ClutchPoints stepped in to set the record straight. He reported on X (formerly Twitter) that "Amid speculation and people asking, Klay Thompson and the Mavs are not currently negotiating a buyout... The Mavs are open to trading Thompson, but there have not been active discussions as of today between the two sides on a buyout." The report, confirmed by sources, effectively killed the buyout buzz for now.

From a financial standpoint, the Mavericks have little reason to buy out Thompson. They are already under the luxury tax line, so there is no pressing need to clear cap space. Unless Thompson is willing to forfeit a substantial portion of his salary—far more than the typical buyout where a player gives up just enough to sign for the minimum elsewhere—the team has no incentive to let him go for nothing. Could the Mavericks decide to "do right" by Thompson if he formally requests a buyout? Possibly, but that conversation hasn't happened yet. With more than two months before the season tips off, there is ample time to sort out the roster.

When it comes to trade possibilities, the most talked-about suitors—the Heat and the Lakers—face significant hurdles. For Miami, a salary match would require including Nikola Jovic, who is entering the first year of a four-year contract that looks unfavorable. That would also add another frontcourt body to the Mavericks, the last thing they need. The Lakers would need to combine the salaries of Jarred Vanderbilt and Dalton Knecht, but neither holds substantial trade value. Moreover, the Mavericks are looking to subtract a contract, not add multiple players. A direct trade with either team seems improbable.

That leaves the door open for a three-team deal, a scenario that has been floated by insiders. Several weeks ago, a handful of three-team trade proposals were suggested, which could allow the Mavericks to offload Thompson while acquiring assets that fit better. Alternatively, Dallas could trade a different player to meet the roster limit. The situation is fluid, but one thing is clear: the buyout narrative is premature. As the calendar inches toward training camp, expect the Mavericks to continue exploring all avenues—but don't expect Thompson to be let go for free anytime soon.