Summary
After suffering a torn ACL in the 2019 finals and a torn Achilles prior to the start of the '20-'21 season, Thompson sat out two full seasons before returning in '21-'22. While he didn't have the best season, he was still very effective and helped the Warriors win a championship in 2022. In '22-'23, Thompson was even better, playing 69 games while averaging nearly 22 points per game on 41% 3-point shooting and 58% true shooting. His 3-point shooting dipped to 39% in '23-'24 but his overall true shooting remained the same. However, he had times where he would go really cold, and his scoreless showing in the Warriors' Play-In loss to the Kings had him going into free agency on a low note.

In his prime, Thompson was one of the best shooters and perimeter defenders in the league. Due to age and injuries, Thompson isn't elite in either of those areas anymore. He still shoots very well from outside, but isn't quite the same movement shooter that he used to be. Thompson can sometimes get a little overaggressive and take contested shots that he probably should no longer take. He also has become more one-dimensional, as less than 10% of his field goal attempts over the last three seasons have come at the rim, according to Cleaning the Glass. 

Defensively, Thompson also has lost some quickness laterally. He's still a decent defender and is an overall very smart team defender, but can't be expected to lock-down opposing perimeter players like he used to. 

Thompson will be 34 years old as a free agent in 2024, so there could be some real risk that the final years of a big long-term contract could end up poorly for the team that signs him. However, Thompson is still an effective player and could still get real interest as a free agent. 
 
Cap Considerations
Thompson will be an unrestricted free agent with a $49.7 million cap hold and full Bird rights. Since the Warriors will be operating over the cap, and since Thompson's cap hold is above his starting salary, his cap hold isn't really relevant. 

If Thompson demands more than the full MLE of $12.9 million, only teams with cap space will be able to sign Thompson as a free agent. If an over-the-cap team is interested in Thompson, sign-and-trade options can be explored. However, it's not our of the question that Thompson could only get offers for the full MLE or slightly less.