Yahoo! Sports' Adrian Wojnarowski first had the news:
Mayo, who signed with the Dallas Mavericks last summer, turned down a player option worth $4.2 million and became an unrestricted free agent, thus allowing him to sign with his new team.
It's been quite a roller-coaster ride for the former USC star ever since he was drafted No. 3 overall in the 2008 draft.
After being traded from the Minnesota Timberwolves on draft day in a swap for Kevin Love (along with other players), Mayo averaged a whopping 38.0 minutes per contest in his first two seasons with the Memphis Grizzlies.
He averaged 18.0 points on 44.8 percent shooting to go with 3.8 rebounds, 3.1 assists and 1.2 steals per game during that span. He was named runner-up to Derrick Rose for Rookie of the Year and was quickly establishing himself as one of the most electric guards in the NBA.
But in his third season, Mayo received just 17 starts, and in his last two years in Memphis, he scored just 11.9 points over 26.6 minutes per game.
The fresh start in Dallas was seemingly just what the doctor prescribed. He was instantly entrenched as the full-time starter at the 2, but after a strong start to the season, he faltered down the stretch.
Before the All-Star break, Mayo averaged 17.9 points on 46.3 percent shooting, but after the break, those numbers dropped to 10.9 and 41.7, respectively.
The up-and-down nature of his career—and most recent season—epitomizes the 25-year-old shooting guard.
Simply put, he's streaky.
He'll drop 30 on you one night but quite possibly come back the next with a 2-of-12 stinker.
Nevertheless, Mayo can be an explosive playmaker on both sides of the floor, and after five years in the league, he still has plenty of room to keep improving.
Although he has shown the propensity to be inconsistent, there is plenty of room in the NBA for a player with his kind of supreme talent to make a major impact.