The Broncos’ first outside addition of the brand new league 12 months is actually 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 within the 2026 draft will probably be exchanged as a part of the deal, as detailed by ESPN’s Adam Schefter. Meanwhile, Barry Jackson of the Miami Herald notes Denver will tackle the rest of Waddle’s contract in full, including his 2026 base salary ($1.22MM).
Here is the total 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 lots of their very own players as possible. The AFC’s top seed in 2025 still had a emptiness with respect to pass-catching options, nevertheless. Denver was linked yesterday to interest within the tight end market, with Evan Engram disappointing during his debut Broncos campaign. No matter what happens on that front, a high-profile receiving option is ready to be in place for next season with GM George Paton taking a serious swing early in the brand new league 12 months. A physical is scheduled for tomorrow, per Schefter’s colleague Jeff Darlington.
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 maneuver on from players. Waddle, 27, generated considerable interest, and the Broncos were one among many teams which made calls. Ultimately, no suitors were willing to satisfy the Dolphins’ asking price of a first-rounder and more.
With recent 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 features not only quarterback Tua Tagovailoa and edge rusher Bradley Chubb – each of whom quickly found recent homes in free agency – but in addition receiver Tyreek Hill. It got here as no surprise when Hill was cut, a move which looked as if it would put Waddle in position to operate because the Dolphins’ top wideout in 2026 and beyond.
Indeed, a report from last month named the previous first-rounder together with lead running back De’Von Achane as core pieces the brand new regime was not seeking to part with. Things have actually modified in brief 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 within the pact, this swap will carry much more unwanted financial implications for Miami during an offseason filled with major cap-related moves.
Waddle is owed an option bonus value $6.06MM on Friday as a part of his $17.24MM in overall compensation. That helps explain the timing of this trade, one which is able to see the Alabama product paired with Courtland Sutton, Marvin Mims and Troy Franklin. Sutton’s pact runs through 2029, while Mims and Franklin – identical to 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 within the passing game.
Miami, meanwhile, will add yet one more premium pick for 2026. Once the Waddle move is official, the Dolphins will own a pair of Day 1 selections and a complete of seven picks across the primary three rounds. Several roster holes will should be filled next month, and receiver will little doubt be high on the priority list. With Hill and now Waddle out of the image, Miami’s WR depth chart is currently topped by the likes of Malik Washington and up to date additions Tutu Atwell and Jalen Tolbert.
Putting together a cheap supporting forged around recent quarterback Malik Willis will increasingly be the goal for Miami this offseason. This trade highlights to a fair larger extent the long-term nature of the team’s rebuild. Because the Broncos look to maximise their window with Nix on a reasonable contract, bringing in a three-time 1,000-yard producer will generate increased expectations on offense.