Sean Payton‘s Saints did acquire Jeremy Shockey via trade (in 2008), but they were known more for jettisoning playmakers than acquiring them in trades. The Saints traded Jimmy Graham and Kenny Stills in 2015 and unloaded Brandin Cooks in 2017. First-round picks came back in the Graham and Cooks swaps, with the pick in the latter deal becoming All-Pro right tackle Ryan Ramczyk in an impact Saints draft class.
Entering Year 4 in Denver, however, the Broncos held the No. 30 overall pick and carried a roster without many glaring needs — especially since the team completed a host of 2025 extensions before re-signing a handful of free agents. Although the Broncos traded three first-round picks from 2022-23 — for Russell Wilson and then Payton’s rights — they felt comfortable to deal first-, third- and fourth-round picks to the Dolphins for Waddle and a fourth. Waddle joins Courtland Sutton to form one of the NFL’s top receiving duos.
The Broncos inquired about Waddle before last year’s deadline, when the Bills were believed to have come closest to acquiring the speedy wide receiver, and Sports Illustrated’s Albert Breer notes assistant GM Reed Burckhardt reached out to new Dolphins GM Jon-Eric Sullivan after the Combine to initiate talks with Miami’s new regime. This came after, per Breer, interest from other teams emerged in Indianapolis. Though, that interest did not progress too far.
Then-interim GM Champ Kelly held onto Waddle despite a Bills offer believed to include a 2027 first-rounder and a 2026 third, the Broncos also started their second Waddle process with an offer of a 2027 pick. Denver put its 2026 first on the table immediately during talks this offseason, Breer adds, but its initial proposal included a 2027 third-rounder. The Dolphins pushed the Broncos to include their 2026 third-rounder rather than their 2027 third.
No other aggressive suitors appeared to be in play here, per Breer, who notes Broncos GM George Paton trusted Sullivan not to shop Denver’s offer around the league. Paton worked with Jon-Eric Sullivan’s father, Jerry, who was a former Dolphins receivers coach during the current Broncos GM’s time in Miami’s front office. The Bills had also already made their receiver move, sending a second-round pick to the Bears for D.J. Moore and a fifth. Other teams obviously had Waddle on the radar, but it does not sound like anyone rivaled the Broncos’ aggression this month.
The Broncos used a few of their own players — from Patrick Surtain to ex-Auburn QB Bo Nix to former Dolphin safety Brandon Jones — as resources regarding Waddle, with the team contacting Nick Saban on his former charge as well. Surtain, Waddle’s roommate at Alabama, had spoken to others (via the Denver Post’s Luca Evans) about a potential trade reuniting the Crimson Tide teammates. Overall, around 15 sources led the Broncos to make this Waddle investment.
Naturally, the Broncos compared Waddle’s value to what could be obtained in free agency and at No. 30 overall. The team ranked 14th in scoring offense last season but 19th in explosive pass rate, according to Sharp Football Stats. Marvin Mims has made impactful plays as a Broncos deep threat, but the team has not regularly trusted the former second-round pick as a receiver. Mims’ increased playoff usage came after both Troy Franklin and Pat Bryant suffered injuries. Franklin and Bryant will see their paths to prominent roles blocked by this Waddle acquisition, while Mims’ future is foggier. The All-Pro return man is in a contract year.
Three years remain on Waddle’s $28.75MM-per-year contract — a deal that looks slightly better after Jaxon Smith-Njigba moved the WR market to $42.15MM AAV today — and the 2021 first-rounder is on Denver’s 2026 cap sheet at just $4.91MM. As our Adam La Rose noted in his most recent mailbag, Waddle’s deal will both line up with Nix’s 2026 rookie-deal salary and the early years of an extension. Nix will likely be extended in 2027, but the Broncos will assuredly backload the deal to keep the QB’s cap numbers manageable in the near future — especially after authorizing many extensions from 2024-25.
The Dolphins now hold Nos. 11, 30, 43, 75, 87, 90 and 94 in the first three rounds of this draft. That is an impressive war chest for Sullivan in his first draft as a GM, though the team did not do well to maximize its draft capital when it tore down the roster early in Chris Grier‘s decision-making run.
Miami, which is not planning to trade De’Von Achane, extracted plenty of value for Waddle. It should not be expected the Broncos extend the high-end trade pickup this year, as that would negate the advantage trading for a through-2028 deal (the Broncos may also be skittish about such a move considering how poorly their summer 2022 Wilson extension aged).
But if Waddle impresses this season, it should be expected his camp will want an update with his new team. For now, though, the Broncos have Waddle and Sutton sitting as the NFL’s 13th- and 19th-highest-paid wideouts.
Fins logic: cut the entire roster, then sign a QB w/ less than 10 starts to a $60m deal.
Good luck Fins fans.
I suspect the Broncos called about Achane first, but asked about Waddle when told Achane was not on the market.
I could definitely see them wanting Achane (and man would that be fun), but maybe worth remembering that the first Broncos draft pick under Payton was a trade up for Marvin Mims, and what is Jaylen Waddle if not a rich man’s Marvin Mims? (on offense. Obviously Mims offers a lot of special teams value.)
I completely agree. Although the broncos should have been able to get both for what they paid for just waddle. Dolphins are fools for not trading Achane. They got one shot at turning that franchise around and it starts with getting that first overall pick. Do not let Archane f around and win you 4 games. Flip the pick to the jets or Cleveland (both will trade everything they’ve got for a manning) for a handful of top 3 picks over the next 3 years. Total rebuild.
That package was perfectly reasonable for Waddle. It should not have gotten them both.
Wooooof waddle has been terrible. Lost a step and doesn’t separate. Achane would only net a 2nd or 3rd. A first for waddle was an overpay even at the end of the round. Don’t forget his contract bro.
Saying he’s been terrible is just not true. The guy missed a game, had awful quarterback play, and still topped 900 yards. And his contract is fantastic for Denver. Denver owes him about $32 million over the next two years and then there are no more guarantees. They’re paying him less than Wan’Dale Robinson, Rashid Shaheed, and Jerry Jeudy are making. That’s well worth an end of the first round pick and a fourth rounder.
Not even close. I get it, you’re a broncos fan. But Waddle is cooked. Doesn’t even seem like he’s interested anymore.
$80M for 3 years of a #2 WR on the decline is not worth a second round pick let alone the ridiculous overpay Denver gave. DJ Moore for a 2nd is closer to value
I’m not a Broncos fan and I cited the correct numbers of both his stats and what Denver owes him. Denver owes him about two years $32 million before a third year with no guarantees. Miami took on a bunch of dead money.
They can split up the numbers however they want for cap purposes but waddle had 76M on his contract guaranteed and that’s what the broncos have to pay him.
Look at overthecap if you like. You’re wrong here. Signing bonus stays with the signing team even if they trade him.