The Broncos’ first outside addition of the new league year is certainly a notable one. Jaylen Waddle is heading to Denver. 
The Dolphins have worked out a trade to send Waddle to the Broncos, as first reported by Tom Pelissero and Ian Rapoport of NFL Network. Multiple picks in the 2026 draft will be exchanged as part of the deal, as detailed by ESPN’s Adam Schefter. Meanwhile, Barry Jackson of the Miami Herald notes Denver will take on the remainder of Waddle’s contract in full, including his 2026 base salary ($1.22MM).
Here is the full breakdown of the trade terms:
Broncos acquire
- Waddle
- Miami’s fourth-round pick (No. 111)
Dolphins acquire
- Denver’s first-round pick (No. 30)
- Broncos’ own third- and fourth-rounders (Nos. 94 and 130)
Until today, the Broncos had focused on retaining as many of their own players as possible. The AFC’s top seed in 2025 still had a vacancy with respect to pass-catching options, however. Denver was linked yesterday to interest in the tight end market, with Evan Engram disappointing during his debut Broncos campaign. Regardless of what happens on that front, a high-profile receiving option is set to be in place for next season with GM George Paton taking a major swing early in the new league year.
The Dolphins dismissed general manager Chris Grier shortly before the 2025 trade deadline. That led to an increased expectation with respect to the team’s willingness to move on from players. Waddle generated considerable interest, and the Broncos were one of many teams which made calls. In the end, no suitors were willing to meet the Dolphins’ asking price of a first-rounder and more.
With new GM Jon-Eric Sullivan and head coach Jeff Hafley arriving, the Dolphins have begun a full-blown rebuild. Several veterans have been released recently in cost-shedding moves and to clear roster spots for younger replacements. That includes not only quarterback Tua Tagovailoa and edge rusher Bradley Chubb – both of whom quickly found new homes in free agency – but also receiver Tyreek Hill. It came as no surprise when Hill was cut, a move which seemed to put Waddle in position to operate as the Dolphins’ top wideout in 2026 and beyond.
Indeed, a report from last month named the former first-rounder along with lead running back De’Von Achane as core pieces the new regime was not looking to part with. Things have certainly changed in short order with a suitor willing to pay a premium for Waddle. Three years remain on his contract, a lucrative extension signed in 2024. Given the guarantees present in the pact, this swap will carry even more unwanted financial implications for Miami during an offseason full of major cap-related moves.
Waddle is owed an option bonus worth $6.06MM on Friday as part of his $17.24MM in overall compensation. That helps explain the timing of this trade, one which will see the Alabama product paired with Courtland Sutton, Marvin Mims and Troy Franklin. Sutton’s pact runs through 2029, while Mims and Franklin – just like quarterback Bo Nix – are attached to their rookie contracts. Coming off the back of a second straight playoff appearance, Denver is aggressively pursuing an upgrade in the passing game.
Miami, meanwhile, will add yet another premium pick for 2026. Once the Waddle move is official, the Dolphins will own a pair of Day 1 selections and a total of seven picks across the first three rounds. Several roster holes will need to be filled next month, and receiver will no doubt be high on the priority list. With Hill and now Waddle out of the picture, Miami’s WR depth chart is currently topped by the likes of Malik Washington and recent additions Tutu Atwell and Jalen Tolbert.
Putting together a cost-effective supporting cast around new quarterback Malik Willis will increasingly be the goal for Miami this offseason. This trade highlights to an even larger extent the long-term nature of the team’s rebuild. As the Broncos look to maximize their window with Nix on an affordable contract, bringing in a three-time 1,000-yard producer will generate increased expectations on offense.
Finally
Wow.
So Miami is definitely tanking.
No choice with the dead money situation.
And the severe lack of rookie contract talent on the roster.
Definitely tanking, but a pretty great return pick wise.
Agreed. That’s a lot for a small WR that gets hurt a decent amount and is on a big $$ contract.
Rebuilding. No more Tua, hill or waddle. Achane stays. New young QB Willis. New staff. Why not? They’re paying Tua millions to play in Atlanta
This is the trade I was hoping the chargers make. We need a deep threat badly.
Waddle isn’t a deep threat at all my man. His combine 40 time would be beaten by half the LB and DE.
So Denver has for the most part kept a 14-3 team together and added Waddle. Probably the AFC favorites next season. Nix Probably reaches career highs in yards and tds.
Agreed. Nix could have gotten them to the superbow if not for that injury
Seems like a good comparable price for AJ brown
They wanted him last year guess they finally handshaked on solid terms. Giving up a 30th overall in exchange for a proven WR sounds smart to me. Broncos actually don’t need much anyway. A few edge rushers and more efficient run game they’re playoff bound imo
Curious how the money shakes out. If they didn’t do any reworking and I’m reading his contract correctly, Denver is taking on something in the neighborhood of 2 years and $32 million in guarantees, which is a great value on Waddle considering the market. (There’s a third remaining year at $25 million with no guarantees remaining, but that’s unlikely to play out without new money.) Trading away 30, 94, and 130 while getting back 111 isn’t a backbreaking price at all when they have a very complete roster and aren’t trading away future picks. There’s risk, obviously, but this is a strong move. Love pairing Waddle and Sutton.
For Miami, they’re not winning any time soon and they need to add so much talent–and especially cheap, controlled talent–to this roster, so it makes sense, even if it’s not the biggest haul. Bummer for Malik Willis, though.
@Oooof. I just dont get the willis signing. They might as well gotten geno Smith for 1.2, and embrace the tank.
I’m generally with you, but also there’s upside to the Willis deal. If you think he has a good chance to be even close to an average starter, then 3 years $67 is chump change. If he falls on his face, the wasted money is far from crippling.
Why spend that money on Malik if you’re gonna turn around and trade his best weapon and tank? May as well have saved the money and put some kid under center and completely tanked.
Savvy deal for the Broncos and Dolphins too honestly.
Should have just signed Pickens and gave up 2 first.
Why deal with a head case if you’re a true contender? I mean, why deal with the drama?
Yep. And then sign him.
It was reported that the Bills wouldn’t give up a 2026 first round pick for Waddle. The Broncos knew what the price would be.
Almost a Ricky Williams trade
This is not remotely in the same stratosphere as the Ricky Williams trade. That one involved 3 first round picks and a ton more picks, and the immediate first round pick in that trade was a much higher one.
Granted, the Broncos pick is at the end of each round, but that still seems like a lot to give up for Waddle. Especially in advance of a draft that is supposed to be WR heavy.
100%
Holy s…
Very good player if Bo can get a pass to him.
But why not just save your picks and draft at 30 in a historically deep wr draft??! Smh.
It’s not a historically deep WR draft class.