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So much for the honeymoon phase.
Less than a week after officially signing quarterback Malik Willis, the Miami Dolphins committed to a full rebuild by trading his best receiver, Jaylen Waddle, along with a 2026 fourth-round pick to the Denver Broncos in exchange for the No. 30 overall pick, a 2026 third (No. 94 overall) and 2026 fourth (No. 130).
Waddle, 27, had an extremely productive start to his NFL career, gaining over 1,000 receiving yards in each of his first three seasons, before a decline in quarterback play kept him under the 1,000-yard mark over the past two years. He finished 2025 with 64 receptions for a team-high 910 receiving yards and six receiving touchdowns.
Malik Willis biggest loser of Jaylen Waddle trade
With the trade, Miami has arguably the league’s worst collection of wide receivers. According to Spotrac, the Dolphins wideouts account for a cap charge of roughly $6.45M in 2026, by far the lowest in the NFL. Their signings at the position this offseason were giving Tutu Atwell and Jalen Tolbert one-year, minimum deals.
Atwell, a 2021 second-round pick by the Los Angeles Rams, played mostly in a backup role over his first five seasons, receiving a career-high 14 starts in 2023. He was limited to 10 games due to injury in 2025 but did show big-play ability in scant looks, finishing the year with six receptions — three of which went for over 30 yards. Tolbert’s best season came in 2024, when the 2022 third-rounder had 49 receptions, 610 yards and seven touchdowns for the Dallas Cowboys. His snap count diminished in Brian Schottenheimer’s first season as head coach, playing 51 percent of his available snaps, a 32.9 percent decline from 2024 (76 percent), according to Pro Football Reference data.
The Waddle trade makes sense for a team saddled with former quarterback Tua Tagovailoa’s $55.4 dead cap charge, plus another $43.8M next season, allowing Miami to pivot to a rebuild with the extra draft capital. Following the deal, the Dolphins have seven picks in the top 100 of the 2026 NFL Draft, set for Apr. 23-25 in Pittsburgh, including four third-rounders.
But it hardly aligns with the Willis signing.
How Miami uses those picks will help determine what kind of chance the prized 2026 free-agent signing has at succeeding. The front office could package some of those picks to move up in Round 1 and target an instant-impact starter, giving the Dolphins a better chance of winning early with Willis. But with so many needs, it might not make sense to rush the team’s contending window. That scenario would likely lead to a longer developmental period, which doesn’t fit Willis’ timeline.
He only signed for three seasons, and Miami has a potential out after the second year of his deal in 2028, when it would save $13.586M by cutting him. Giving Willis an inadequate set of receivers who are likely only placeholders until the next long-term starters arrive does him no favors. With only six career starts, Willis needs better targets around him to get an accurate gauge of whether he’s a franchise quarterback.
Willis doesn’t have the luxury of time, yet the Dolphins are seemingly years from fielding a competitive roster. Tuesday’s trade, then, pushes the team onto two conflicting timelines. A rebuild makes the most sense for where Miami currently stands, but that jeopardizes Willis’ chances of being the team’s starter beyond his initial contract.
By dealing Waddle, the Dolphins may have just doomed their recent nuptials before they even had a chance to make things work.
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