Larkin is slotted to make $1.28 million in the point guard's first season under the rookie salary scale.
The Mavericks traded down twice in the draft and ended up with the rights to Larkin, the son of Hall of Fame shortstop Barry Larkin. He was taken 18th by Atlanta.
Larkin helped Miami to its first Atlantic Coast Conference title and a No. 2 seed in the NCAA tournament. Larkin led the Hurricanes at 14.5 points and 4.6 assists per game.
The 5-foot-11 Larkin broke his ankle while practicing for the summer league. He had surgery this month and should be sidelined about three months.