Broncos To Acquire WR Jaylen Waddle From Dolphins

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 in the 2026 draft will be exchanged as part of the deal, as detailed by ESPN’s Adam Schefter. Meanwhile, Barry Jackson of the Miami Herald notes Denver will take on the remainder of Waddle’s contract in full, including his 2026 base salary ($1.22MM).

Here is the full 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 many of their own players as possible. The AFC’s top seed in 2025 still had a vacancy with respect to pass-catching options, however. Denver was linked yesterday to interest in the tight end market, with Evan Engram disappointing during his debut Broncos campaign. Regardless of what happens on that front, a high-profile receiving option is set to be in place for next season with GM George Paton taking a major swing early in the new league year.

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 move on from players. Waddle generated considerable interest, and the Broncos were one of many teams which made calls. In the end, no suitors were willing to meet the Dolphins’ asking price of a first-rounder and more.

With new 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 includes not only quarterback Tua Tagovailoa and edge rusher Bradley Chubb – both of whom quickly found new homes in free agency – but also receiver Tyreek Hill. It came as no surprise when Hill was cut, a move which seemed to put Waddle in position to operate as the Dolphins’ top wideout in 2026 and beyond.

Indeed, a report from last month named the former first-rounder along with lead running back De’Von Achane as core pieces the new regime was not looking to part with. Things have certainly changed in short 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 in the pact, this swap will carry even more unwanted financial implications for Miami during an offseason full of major cap-related moves.

Waddle is owed an option bonus worth $6.06MM on Friday as part of his $17.24MM in overall compensation. That helps explain the timing of this trade, one which will see the Alabama product paired with Courtland Sutton, Marvin Mims and Troy Franklin. Sutton’s pact runs through 2029, while Mims and Franklin – just like 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 in the passing game.

Miami, meanwhile, will add yet another premium pick for 2026. Once the Waddle move is official, the Dolphins will own a pair of Day 1 selections and a total of seven picks across the first three rounds. Several roster holes will need to be filled next month, and receiver will no doubt be high on the priority list. With Hill and now Waddle out of the picture, Miami’s WR depth chart is currently topped by the likes of Malik Washington and recent additions Tutu Atwell and Jalen Tolbert.

Putting together a cost-effective supporting cast around new quarterback Malik Willis will increasingly be the goal for Miami this offseason. This trade highlights to an even larger extent the long-term nature of the team’s rebuild. As the Broncos look to maximize their window with Nix on an affordable contract, bringing in a three-time 1,000-yard producer will generate increased expectations on offense.