08-23-2026, 09:00 AM
Klay Thompson terms: Two years, $13 million, player option in second year
Grade: B-
Thompson's on-court value no longer matches his name value, as a future Hall of Famer who was a centerpiece of the NBA's last great dynasty.
There's a reason, after all, that the Mavericks were amenable to buying Thompson out of the last year of his contract to pave his path to Miami. He is now 36 years old and nowhere near the sort of two-way star he was at his peak. Instead, the five-time All-Star is now a well below-average player. But Thompson will bring one important skill to Miami that the Heat are currently lacking: Even as he has declined, he has remained an elite shooter. Thompson has made at least 38% of his 3-pointers on high volume in every season of his career, and even coming off the bench last season, he ranked among the top 20 players in made 3s per game.
Incidentally, Thompson ranked second in total 3s from a reserve last season -- one spot behind Tim Hardaway Jr., his new teammate on Miami's perimeter.
Because the Heat already added Hardaway in free agency, it's possible that Thompson's presence will be redundant. And a two-year, $13 million deal with a second-year player option is less of an obvious win for Miami than a veteran minimum would have been.
But in truth, the Heat need all the shooting they can get around Giannis Antetokounmpo, after they lost Norman Powell and Tyler Herro, their top two shooters last season. And if any team can cover for Thompson on the defensive end, where he's now a liability because of his age and injury history, it might be a group with Antetokounmpo, Bam Adebayo, Davion Mitchell and Andrew Wiggins, to say nothing of Erik Spoelstra pulling the strategic strings.
It's still unlikely that Thompson, at this stage of his career, will be a major difference-maker for his new team. But Thompson is a better use of a roster spot than other options Miami had to complete its 2026-27 rotation.
DeMar DeRozan terms: One year, $3.9 million
Grade: B
Presumably, DeRozan signed this contract knowing he'd likely be asked to come off the bench in Denver, even though he has started every NBA game he has played since his rookie year -- 1,250 and counting, between the regular season and playoffs.
That shift couldn't come at a better time for the Nuggets, whose bench was incredibly depleted following the Peyton Watson sign-and-trade earlier this week. This is far from a like-for-like replacement, to be clear: DeRozan is about as different from Watson as two similarly sized players can be. The 23-year-old Watson is strongest on defense and -- in a new turn -- from the 3-point line; the 37-year-old DeRozan is a midrange master with considerable defensive limitations.
That difference could make DeRozan a somewhat clunky fit in Denver, where he won't patch the defensive holes left by Watson's departure, and where his lack of 3-point range could complicate his fit with Nikola Jokic (and Christian Braun, if he can't rebound from last season's 30% performance from distance).
But on a relative basis, DeRozan should provide a major upgrade in his new home. Until the six-time All-Star joined on a veteran minimum contract, the Nuggets' highest-scoring reserves were projected as backup center Marvin Bagley III (10.5 points per game last season) and wing Julian Strawther (7.2).
Even in his late 30s, DeRozan offers a different level of scoring and playmaking -- he's a very underrated passer -- than any other option outside the Nuggets' starting lineup. He should be able to help stabilize the offense when Jokic or Jamal Murray rest, as he has continued to score efficiently even in a dour situation in Sacramento over the past two seasons.
For years now, Denver's bench has been a problem, and DeRozan won't come close to solving that issue all on his own. But it's slightly less of an issue today than it was yesterday.
James Harden terms: Three years, $97 million, with a player option in the third year
Grade: B
At this point, you know what you're getting with Harden. He has remained a metronomic offensive force even into his late 30s; he can create for others and score of his own accord inside, outside and at the free throw line. He also rarely misses time, as he has appeared in 70 or more games in each of the past three seasons.
That combination makes for a powerful regular-season catalyst. In 15 of his 17 NBA seasons, including each of the last 10, Harden has finished the year with a team that won at least 50 games (or the equivalent winning percentage in a shortened season). He has never finished with a losing record.
You also know, however, the downsides that come with relying on Harden. He was a relatively indifferent defender even in his 20s, and now he's one of the least active defenders in the league. His production also routinely shrinks in the postseason, or at the very least becomes wildly inconsistent.
Those attributes are essentially baked into Harden's player profile at this point, and his return to Cleveland also seemed baked in as soon as the Cavaliers traded Darius Garland for him at last season's deadline. The Clippers weren't willing to extend Harden at his desired amount, so he sought a trade to a team that would.
And after Harden declined his $42 million player option earlier this summer, it was only a matter of time before the Cavaliers completed the rest of their offseason business -- which they did with the Peyton Watson sign-and-trade on Wednesday -- and brought back Harden on a longer-term deal with a lower annual value.
The resulting contract is a year longer than would be optimal for the Cavaliers, as it gives Harden a player option in his age-39 season. A straight two-year deal in the $60 million range would have protected Cleveland more against potential decline as Harden ages.
But for all the holes in Harden's game, he's still a valuable playmaker and regular-season innings eater, and his backcourt partnership with Donovan Mitchell worked reasonably well in limited time last year. The Cavaliers certainly couldn't afford to lose him, with Garland already gone and no means to replace his production with another trade or free agent signing.
That 2028-29 player option could -- and likely will -- prove problematic in a couple of years. But the Cavaliers are an all-in, win-now team, and they're hoping that Harden helps them finally get over the playoff hump and return to the Finals at some point before then.
Grade: B-
Thompson's on-court value no longer matches his name value, as a future Hall of Famer who was a centerpiece of the NBA's last great dynasty.
There's a reason, after all, that the Mavericks were amenable to buying Thompson out of the last year of his contract to pave his path to Miami. He is now 36 years old and nowhere near the sort of two-way star he was at his peak. Instead, the five-time All-Star is now a well below-average player. But Thompson will bring one important skill to Miami that the Heat are currently lacking: Even as he has declined, he has remained an elite shooter. Thompson has made at least 38% of his 3-pointers on high volume in every season of his career, and even coming off the bench last season, he ranked among the top 20 players in made 3s per game.
Incidentally, Thompson ranked second in total 3s from a reserve last season -- one spot behind Tim Hardaway Jr., his new teammate on Miami's perimeter.
Because the Heat already added Hardaway in free agency, it's possible that Thompson's presence will be redundant. And a two-year, $13 million deal with a second-year player option is less of an obvious win for Miami than a veteran minimum would have been.
But in truth, the Heat need all the shooting they can get around Giannis Antetokounmpo, after they lost Norman Powell and Tyler Herro, their top two shooters last season. And if any team can cover for Thompson on the defensive end, where he's now a liability because of his age and injury history, it might be a group with Antetokounmpo, Bam Adebayo, Davion Mitchell and Andrew Wiggins, to say nothing of Erik Spoelstra pulling the strategic strings.
It's still unlikely that Thompson, at this stage of his career, will be a major difference-maker for his new team. But Thompson is a better use of a roster spot than other options Miami had to complete its 2026-27 rotation.
DeMar DeRozan terms: One year, $3.9 million
Grade: B
Presumably, DeRozan signed this contract knowing he'd likely be asked to come off the bench in Denver, even though he has started every NBA game he has played since his rookie year -- 1,250 and counting, between the regular season and playoffs.
That shift couldn't come at a better time for the Nuggets, whose bench was incredibly depleted following the Peyton Watson sign-and-trade earlier this week. This is far from a like-for-like replacement, to be clear: DeRozan is about as different from Watson as two similarly sized players can be. The 23-year-old Watson is strongest on defense and -- in a new turn -- from the 3-point line; the 37-year-old DeRozan is a midrange master with considerable defensive limitations.
That difference could make DeRozan a somewhat clunky fit in Denver, where he won't patch the defensive holes left by Watson's departure, and where his lack of 3-point range could complicate his fit with Nikola Jokic (and Christian Braun, if he can't rebound from last season's 30% performance from distance).
But on a relative basis, DeRozan should provide a major upgrade in his new home. Until the six-time All-Star joined on a veteran minimum contract, the Nuggets' highest-scoring reserves were projected as backup center Marvin Bagley III (10.5 points per game last season) and wing Julian Strawther (7.2).
Even in his late 30s, DeRozan offers a different level of scoring and playmaking -- he's a very underrated passer -- than any other option outside the Nuggets' starting lineup. He should be able to help stabilize the offense when Jokic or Jamal Murray rest, as he has continued to score efficiently even in a dour situation in Sacramento over the past two seasons.
For years now, Denver's bench has been a problem, and DeRozan won't come close to solving that issue all on his own. But it's slightly less of an issue today than it was yesterday.
James Harden terms: Three years, $97 million, with a player option in the third year
Grade: B
At this point, you know what you're getting with Harden. He has remained a metronomic offensive force even into his late 30s; he can create for others and score of his own accord inside, outside and at the free throw line. He also rarely misses time, as he has appeared in 70 or more games in each of the past three seasons.
That combination makes for a powerful regular-season catalyst. In 15 of his 17 NBA seasons, including each of the last 10, Harden has finished the year with a team that won at least 50 games (or the equivalent winning percentage in a shortened season). He has never finished with a losing record.
You also know, however, the downsides that come with relying on Harden. He was a relatively indifferent defender even in his 20s, and now he's one of the least active defenders in the league. His production also routinely shrinks in the postseason, or at the very least becomes wildly inconsistent.
Those attributes are essentially baked into Harden's player profile at this point, and his return to Cleveland also seemed baked in as soon as the Cavaliers traded Darius Garland for him at last season's deadline. The Clippers weren't willing to extend Harden at his desired amount, so he sought a trade to a team that would.
And after Harden declined his $42 million player option earlier this summer, it was only a matter of time before the Cavaliers completed the rest of their offseason business -- which they did with the Peyton Watson sign-and-trade on Wednesday -- and brought back Harden on a longer-term deal with a lower annual value.
The resulting contract is a year longer than would be optimal for the Cavaliers, as it gives Harden a player option in his age-39 season. A straight two-year deal in the $60 million range would have protected Cleveland more against potential decline as Harden ages.
But for all the holes in Harden's game, he's still a valuable playmaker and regular-season innings eater, and his backcourt partnership with Donovan Mitchell worked reasonably well in limited time last year. The Cavaliers certainly couldn't afford to lose him, with Garland already gone and no means to replace his production with another trade or free agent signing.
That 2028-29 player option could -- and likely will -- prove problematic in a couple of years. But the Cavaliers are an all-in, win-now team, and they're hoping that Harden helps them finally get over the playoff hump and return to the Finals at some point before then.