Heat Sign Ethan Thompson To Exhibit 10 Contract

The Miami Heat have signed free agent guard Ethan Thompson to an Exhibit 10 contract, according to the Miami Herald’s Barry Jackson and Ira Winderman of the Sun Sentinel.

Ethan Thompson Could Play For Skyforce After Signing With Heat

Thompson, 26, was a standout last season for the Osceola Magic, the Orlando Magic’s G-League team. The 6-foot-4 shooting guard has also played for the Windy City Bulls and the Mexico City Capitanes.

The Oregon State product was named to the All-NBA G League Third Team last season after averaging 18.4 points, 4.9 rebounds, and 3.2 assists while shooting 40.2% from the field and 39% from deep in 31 games.

Thompson also averaged 22.8 points and a career-high 5.1 assists for Mexico City two seasons ago. However, the California native has yet to appear in an NBA regular-season game.

An Exhibit 10 contract can be converted into a two-way deal before the regular season begins. With center Vladislav Goldin and guard Myron Gardner already signed, Miami only has one open two-way slot.

Another option for the Heat would be for Thompson to join the Sioux Falls Skyforce, their G League affiliate, as a returning rights player.

Thompson May Receive An Exhibit 10 Bonus If Waived

The Skyforce announced Wednesday that it acquired the returning player rights to Thompson and a second-round pick in the 2025 NBA G League draft from the Osceola Magic.

In exchange, the Magic are receiving 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.

If Thompson is waived before the regular season begins and then spends at least 60 days with the Skyforce, he’d earn an Exhibit 10 bonus worth up to $85,300 on top of his standard G League salary.

The Heat now have 17 players under contract, including 14 on standard deals, one on an Exhibit 10, and a pair on two-way deals. They also still have a qualifying offer for restricted free agent Dru Smith.

Dru Smith No Longer Eligible For Two-Way Contract

Miami cannot offer Smith a two-way contract this time around because he is no longer eligible, according to Anthony Chiang of the Miami Herald.

While Smith is eligible to sign a two-way contract with any other team, he’s not eligible to sign another one with the Heat because he has already been on a two-way contract with Miami during three different salary cap years.

Per the latest collective-bargaining agreement, “no team may sign or convert a player to a two-way contract, or acquire a two-way contract by means of assignment, if, as a result, the player would or could be under a two-way contract for any part of more than three (3) salary cap years with the same NBA team.”