The football league's most expensive receiving tandem has moved to Miami.
On Thursday, sources told NFL Network Insider Ian Rapoport that Dolphins receiver Jaylen Waddle has agreed to a three-year, $84.75 million agreement. With an average yearly worth of $28.25 million, Waddle joins $30 million-per-year guy and Miami running companion Tyreek Hill as the top five highest-paid receivers. His agreement includes $76 million in guaranteed money.
With the signing of this extension, the Dolphins have strategically positioned themselves to potentially target one of the NFL's most prolific No. 2 receivers. Waddle's impressive performance over the past three seasons, including 251 catches for 3,385 yards and 18 touchdowns, has demonstrated his value to coach Mike McDaniel's offense. His presence on the field alongside Tyreek Hill has been instrumental, and this extension solidifies his role in the team's future plans.
The Contract Extension of Jaylen Waddle
The time is much more crucial. Waddle's rookie rate of $8.6 million under contract through the 2025 season increases to $15.6 million (still a team-friendly amount) thanks to a fifth-year option that Miami acquired in April. The agreement he signed this week won't take effect until 2026, which makes it seem slightly less expensive for the Dolphins. This is because the pay cap has been increasing at a knotted pace in recent years.
The trade is smart business and Waddle, an integral component of the Dolphins' future, gets what he deserves. But it does make you wonder about Tua Tagovailoa's contract issue, because it's going into its fifth and last year in 2024. While Tagovailoa topped the NFL in passing yards in 2023, he is far from certain of a lucrative deal. He may play out 2024 as a prove-it season on the fifth-year option, making extensions awarded to his teammates seem odd.
Despite what others may say, there is little question that these trades are related. Since the cap will be affected by a Tagovailoa extension (or franchise tag) one year before Waddle's new deal, it is prudent to finalize Waddle's deal now, in an offseason where seven wideouts have already signed contracts worth $23 million or more, instead of waiting until the market is even higher due to the massive extensions for Justin Jefferson and Ja'Marr Chase. Miami will still have a promising young wide receiver with a contract in place, even if Tagovailoa is unworthy of a pricey extension (which is highly improbable but not totally out of the question).
According to NFL news reports, Waddle still has more to show than Tagovailoa. However, if he keeps producing at the same level he did in his first three years of professional football, he can get more money for his quarterback. Ultimately, Tagovailoa threw the passes that lined Waddle's pockets to him. In Miami, everyone eats.