Ethan Thompson signs 10-year contract with the Heat, agrees to remain with the team for the upcoming seasons.
Ethan Thompson, a 6-foot-4 shooting guard, has signed an Exhibit 10 contract with the Miami Heat. This non-guaranteed, camp tryout agreement allows the team to bring Thompson to training camp, with the potential to convert the deal to a two-way contract or incentivise him to join the Heat's G League affiliate, the Sioux Falls Skyforce, if waived.
Thompson, 26, went undrafted in 2021 and has yet to appear in an NBA regular-season game. However, he has shown promise in the G League, averaging 18.4 points, 4.9 rebounds, and 3.2 assists last season, which earned him a spot on the All-NBA G League Third Team. Thompson also has some NBA Summer League experience with Orlando but was waived before the season started.
The Heat's current roster situation could pose a challenge for Thompson. With 17 players under contract, including 14 on standard deals, one on an Exhibit 10, and a pair on two-way deals, competition for limited regular-season roster spots is fierce, especially on a team with solid depth like Miami.
Thompson will have the opportunity to prove himself in training camp, but unless he delivers exceptional performances or there are roster needs or injuries, he is more likely to join the Sioux Falls Skyforce and continue developing there.
The Sioux Falls Skyforce acquired Thompson's returning player rights from the Osceola Magic, Orlando Magic's G-League team, in a trade that also included a second-round pick in the 2025 NBA G League draft. Meanwhile, the Osceola Magic received the returning player rights to forward Justin Champagnie, a first-round pick (16th overall) in the 2025 G League draft, and a second-round pick in the 2026 G League draft from the Sioux Falls Skyforce.
Another option for Thompson is to join the Sioux Falls Skyforce as a returning rights player. However, it's worth noting that per the latest collective-bargaining agreement, a player cannot be under a two-way contract for any part of more than three (3) salary cap years with the same NBA team.
If Thompson is waived, he may receive an Exhibit 10 bonus worth up to $85,300 on top of his standard G League salary, provided he spends at least 60 days with the Skyforce. The chances of Thompson making his NBA regular-season debut with the Heat after signing an Exhibit 10 contract are uncertain but generally considered low to moderate based on typical outcomes for such contracts.
Meanwhile, Dru Smith, who is eligible to sign a two-way contract with any other team, is no longer eligible for a two-way contract with Miami due to having been on a two-way contract with them during three different salary cap years.
Thompson has also played for the Windy City Bulls and the Mexico City Capitanes, and he averaged 22.8 points and 5.1 assists for Mexico City two seasons ago. As Thompson embarks on this new chapter with the Heat, fans and analysts will be watching closely to see how he performs and whether he can secure a spot in the NBA.
Ethan Thompson, having shown promise in the NBA G League with averages of 18.4 points, 4.9 rebounds, and 3.2 assists, might find himself playing for the Sioux Falls Skyforce, the Miami Heat's G League affiliate, should he not make the regular-season roster. If Thompson joins the Skyforce as a returning rights player, he would likely receive an Exhibit 10 bonus worth up to $85,300, depending on his tenure with the team. Thompson's chances of making his NBA regular-season debut with the Heat, despite signing an Exhibit 10 contract, are generally considered low to moderate.
