Update on Contract of Dolphins New Tight End

The Miami Dolphins didn’t have to move much draft capital to acquire tight end Darren Waller from the New York Giants, and it doesn’t appear like they’ll be paying him much, either. 

Waller’s contract with the Dolphins is reportedly a one-year, $2 million deal with $3 million in incentives, according to Spotrac. The deal was initially reported as a one-year contract worth up to $5 million, so these new details make sense. 

It’s unclear what the incentives for Waller are, but they fall under the official moniker of “not likely to be earned” because he didn’t reach those thresholds last season. 

Obviously, Waller couldn't meet any thresholds because he spent all of last season retired. He last played for the Giants in 2023, recording 52 catches for 552 yards and one touchdown.

The thresholds are likely built around both play time and production. Given that Waller has an injury history and is coming out of retirement, it would make sense for the Dolphins to protect themselves against another injury. 

The Dolphins sent a 2026 sixth-round pick to the Giants for Waller and a conditional 2027 seventh-round pick. It’s an incredibly low-risk investment in a player who had back-to-back 1,000-yard seasons in 2019 and 2020. 

Spotrac also has the Dolphins at around $3.4 million in cap space after the Waller contract. Other sites, like Over The Cap, have the Dolphins at a lower number, so either way, Miami doesn't have a ton of room to sign a potential veteran cornerback.

Former Dolphins’ Contract Updates 

Outside of Waller, we also got some details on what the contracts Jalen Ramsey and Jonnu Smith will be playing under in Pittsburgh this season. 

Starting with Ramsey, his deal is now a four-year, $84.7 million contract with $19.5 million fully guaranteed; however, that’s the only guaranteed money remaining on his deal. Of course, the Dolphins are paying $3 million of Ramsey’s salary this season. 

This deal results in Ramsey getting a raise for a third consecutive season. He got one on his initial deal with the Dolphins in 2023 and another before last season when the team extended him. 

Smith’s contract comes in at two years, $16 million with a $7.745 million signing bonus for this coming season. Jonnu could make $9 million total this season and is on the books for a non-guaranteed $7 million in 2026. 

Both Smith and Ramsey’s contracts with Pittsburgh mean they’re prime cut candidates following the season, as neither has any guaranteed money past 2025. 

As for the Dolphins, they’re getting Waller on a pretty big discount compared to Smith. The question is whether or not he can provide anything close to the production Jonnu did last season.