Broncos Restructuring WR Jaylen Waddle

Wilson says Denver is converting $15.416 million of Waddle’s option bonus to a signing bonus to lower his base salary to $1.215 million and save 2026 cap space.

Waddle, 27, was a part-time starter at Alabama. He was a first-team All-American as a sophomore before suffering an ankle injury that cost him a good portion of the 2020 season. The Dolphins drafted Waddle with the No. 6 overall pick in the 2021 NFL Draft.

He signed a four-year, $27,085,991 contract with the Dolphins that included a $17,058,902 signing bonus as well as a fifth-year option. Miami exercised Waddle’s fifth-year option worth $15.591 million for the 2024 season. 

The Dolphins then signed Waddle to a three-year, $84.75 million extension ahead of the 2024 season. He was then traded to Denver for a first and third-round pick along with a fourth-round pick swap before the 2026 season.

In 2025, Waddle appeared in 16 games for the Dolphins and recorded 64 receptions on 100 targets for 910 yards and six touchdowns.